Covering Your Local Economy - Part II by Marilyn Geewax

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NPR's Marilyn Geewax presents "Covering Your Local Economy: When Will Jobs Come Back?," part of the journalism workshop, "Covering Your Local Economy." Presented by the Donald W. Reynolds National Center for Business Journalism, and hosted by the Asian American Journalists Association's 2013 Conference, this multi-session training offers the basics of covering local economies.

For more information about training for business journalists, please visit businessjournalism.org.

For additional resources for covering your local economy, please visit the training archive page at http://businessjournalism.org/2013/08/15/covering-your-local-economy-self-guided-training/.

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Covering Your Local Economy - Part II by Marilyn Geewax

  1. 1. Covering Your Local Economy: When Will Jobs Come Back? In 2013 … Marilyn Geewax NPR Senior Business Editor mgeewax@npr.org @geewaxnpr
  2. 2. What We Will Explore Today •  Covering the Local Labor Market is Job #1 •  What Does President Obama Want? •  What Does the GOP-led House Want? •  What Do Business Groups Want? •  What Does Labor Want? •  How Can You Find the Local Angles?
  3. 3. More Than Five Years Of A Tough Labor Market
  4. 4. Searching for Work For Months – The Key Problem
  5. 5. No Surprise That Jobs Disappeared as GDP Plunged Bureau of Economic Analysis data
  6. 6. In Case You Don’t Remember, IT WAS BAD!! •  Back in January 2009, the economy lost 779,000 jobs. • For all of 2009, employers eliminated about 4.7 million jobs. • In absolute numbers, that was the single worst year in U.S. history for job losses. • Unemployment hit 10% by October.
  7. 7. People Started Calling It A “Mancession” Because Losses Hit Men Harder Than Women •  Construction •  Manufacturing •  Financial Services . Photo by flickr user Wayne National Forest
  8. 8. The Jobs That Are Coming Back Tend To Be Lower-Paying •  Retail •  Food Services •  Health Aides . Photo by flickr user Salt Lake Chamber
  9. 9. Jobless Rate – The Key Number •  7.4 percent today, which is lousy, but better than in October 2009. http://data.bls.gov/timeseries/LNS14000000
  10. 10. Around 11.5 Million Still Searching For Jobs Nearly 5 million are Long-Term Unemployed
  11. 11. 3.8 Million Job Openings – Mostly For Skilled Workers
  12. 12. So How Do We Get Jobs Growing Again? There Are Different Approaches •  What Obama Would Do •  What House Republicans Would Do •  What Labor Unions Would Do •  What Businesses Would Do Photo by flickr user jessie owen
  13. 13. What Does President Obama Want? •  More Jobs •  Deficit Reduction •  Corporate-Tax Reform •  Immigration Reform •  More Green Energy •  Transportation-Infrastructure Upgrades http://www.whitehouse.gov/economy Photo by flickr user Argonne National Laboratory
  14. 14. American Recovery and Reinvestment Act of 2009
  15. 15. What Do House Republicans Want? •  Lower Corporate Taxes •  Cut Federal Spending •  Expand Energy Extraction and Refining •  Reform Fannie Mae and Freddie Mac http://www.speaker.gov/initiatives Photo by flickr user westchesterbuzz
  16. 16. What Does Labor Want? •  More Spending for Transportation, Schools and Energy Infrastructure •  Trade-Policy Reforms •  More Federal Aid to State and Local Governments to Prevent Layoffs •  Wall Street Reforms •  Minimum-Wage Hike http://www.aflcio.org/Issues Photo by flickr user Ray Cunningham
  17. 17. What Does Business Want? •  Corporate-Tax Reform •  More Spending for Roads, Bridges, Ports and Airports •  Immigration Reform •  Better Schools and Universities •  Tort Reform Photo by Marketing Research Association http://tinyurl.com/b9ka87z
  18. 18. Some Economists Think 2014 Could Bring Much Better Growth No Matter What Congress Does Three reasons: 1.  Energy Expansion 2.  Agriculture Boom 3.  Construction Resumption Photo by Iowa Farm Bureau
  19. 19. Booming Oil Industry Struggling to Fill Job Openings
  20. 20. How Can You Tell If Your Area Is Doing Better? •  Jobs, Jobs, Jobs (BLS.gov) •  Home Prices (S&P/Case-Shiller Index) •  Home Foreclosures (RealtyTrac) •  Local Bankers (Is Lending Improving?) •  Local Car Dealers (What Are People Buying? Trucks for Work??)
  21. 21. http://www.bls.gov/lau State Jobless Numbers
  22. 22. America Will Recover When Jobs Come Back

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