(click here for full sized chart)
As you can see from the Virginia Employment Commission (VEC) data reported through September 2008, we are definitely seeing an increase in unemployment in both Charlottesville City and the Charlottesville Metropolitan Statistical Area. I am not sure how the media got the widely reported “500 job loss figure.” In fact, according to non-seasonally adjusted data by the VEC, the Charlottesville MSA labor market looked worse:
From September 2007 to September 2008:
Workforce: 105,910 to 106,748
Employed: 103,468 to 103,141
Unemployed: 2,442 to 3,607
Unemployment Rate: 2.3% to 3.4%
This means that in one year, we’ve seen about a 50% increase in the unemployment rate, or an additional 1,200 people looking for jobs in the Charlottesville area.
Secondly, we’ve got big budget deficit problem, probably in the neighborhood of $1.8 million in the near future and possibly $9.3 million by 2014. I guess that’s what happens when you plan your budget off of unrealistic real estate values. Charlottesville, you mismanaged your budget. Can we say OOOOPS?
We think tax hikes are coming in the near future… what do you think?
Related posts:
- Unemployment Rate Highest Since 2003, but Doesn’t Look Too Bad
- County Budget to Increase 8.5% over Last Year
- UVA and State Budget Slashes
Am I the only one sick of the “Sign of our times” prefix? Yes, I get it, we’re in a recession.
Ok, now that I got that out of my system.
The thing I find most interesting about those numbers is that the number of employed folks went down by only 317, but the jump in the workforce went up by 1165.
ie: Unemployment went up not because people lost jobs, but because no jobs were created/available for the expansion of the workforce.
i can change the prefix or not use it anymore if people don’t like it.
Pushover
Look!—————————> Google ad spelling mistake