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June 20, 2008U.S. Mayors Economic Report Reveals Sluggish Economic and Job Growth in 2008-09 |
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From PR Newswire: A new economic report released Friday, June 20, during the U.S. Conference of Mayors Annual Meeting in Miami reveals that U.S. economic growth for 2008 has weakened considerably, while unemployment and consumer prices have risen sharply. Though it remains to be seen if this ends up being classified officially as a recession, the report reveals that there is no question that the economy is suffering more than just a mid-cycle slowdown. The economic forecast for the nation's 363 metro economies -- which are made up of cities and suburbs -- will remain sluggish at best and will slow to 1.4%, almost one-third below last year's rate of 2.0%, and half of the average growth rate for the last three years of 2.8%. While metro areas, which are the engines that drive the nation's economy, have helped prevent a more severe downturn, there is no doubt that they are bearing a heavy burden as a result of the current economic weakness. "When our cities and suburbs grow, the nation prospers; when they struggle, the nation struggles." One-third (113) of U.S. metros will experience actual job declines this year. The sluggish growth among metros in the current slowdown compounds the fact that many metros are suffering from a prolonged employment downturn. "The nation's mayors, again, strongly urge the mortgage industry to increase and accelerate its efforts to prevent foreclosures. New York metro ranks 12th in the world, larger than the economies of India, South Korea, or Mexico; Los Angeles ranks 18th, larger than Turkey; and Chicago ranks 20th, larger than Sweden, Belgium, or Indonesia.
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