Covering Your Local Economy - Part I by Marilyn Geewax

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NPR's Marilyn Geewax presents "Covering Your Local Economy: It's Everybody's Business," 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/.

Published in: Career, News & Politics, Business
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Covering Your Local Economy - Part I by Marilyn Geewax

  1. 1. Covering Your Local Economy: It's Everybody's Business In 2013 … Marilyn Geewax NPR Senior Business Editor mgeewax@npr.org @geewaxnpr
  2. 2. Geewax Marilyn Akron  Beacon  Journal   The  Atlanta  Journal-­‐ Cons4tu4on   Cox  Washington  Bureau   NPR  
  3. 3. Geewax Marilyn •  Currently senior business editor for NPR’s National Desk •  She was the national economics correspondent for Cox Newspapers’ Washington Bureau. •  Prior to 1999, worked for the Cox flagship paper, the Atlanta Journal-Constitution. •  Geewax earned a master’s degree at Georgetown University, where she focused on international economic affairs. •  From 2001 to 2006, Geewax taught a business journalism class as an adjunct professor at George Washington University.
  4. 4. What We Will Explore Today •  The Great Recession – What Happened? •  How Are We Doing Now? •  What Is Driving the Recovery? •  What's Likely to Happen Next? •  Can You Tell If Your Area Is Doing Better Or Worse Than the Rest of the USA?
  5. 5. Six Years of Troubles
  6. 6. Try to Remember… •  Think Back to 2007. •  Did You Realize Then That The U.S. Economy Was Tanking?
  7. 7. You Rarely Know What’s Happening in Such a Big Economy The slowdown in the housing sector “is a concern, but at this point we don't see it as being a broad financial concern or a major factor in assessing the course of the economy.” -- Fed Chairman Ben Bernanke Speaking to the House in Feb. 2007.
  8. 8. 2008 Was A Brutal Year For The Gross Domestic Product Bureau of Economic Analysis data
  9. 9. Unemployment Shot Up, Then Drifted Down http://data.bls.gov/timeseries/LNS14000000
  10. 10. Searching for Work For Months – The Key Problem
  11. 11. So Where Are We Now? Based On What You're Seeing, What's Likely To Happen Next? •  A recession •  A boom •  Slow growth •  I don’t know. .
  12. 12. What Happen In The First Half of 2013? Q. Another Slump? Or A Boom? A. Most economists say the economy has been growing, but at a sluggish pace.
  13. 13. http://data.bls.gov/timeseri Jobless Rate – The Key Number •  7.4 percent today, which is lousy •  But in October 2009, it was 10 percent
  14. 14. Nearly 12 Million Still Searching For Jobs Nearly 5 million are Long-Term Unemployed
  15. 15. But We Have Good News, Too Jobs Are Returning In Many Sectors And the Economy Has Been Growing For Four Years
  16. 16. 3.8 Million Job Openings – Mostly For Skilled Workers
  17. 17. GDP Is At Least Steady
  18. 18. New-Home Sales Up Sharply from the Same Time Last Year
  19. 19. Some Economists Think 2014 Could Bring Much Better Growth Three reasons: 1.  Energy Expansion 2.  Agriculture Boom 3.  Construction Resumption
  20. 20. Booming Oil Industry Struggling to Fill Job Openings
  21. 21. Farmers Have Been Adding Land Abby Fentress Swanson/Harvest Public Media
  22. 22. New-Home Sales Create Jobs for Landscapers, Furniture Stores, Etc.
  23. 23. 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??)
  24. 24. America Will Recover When Jobs Come Back

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