So this is what a “jobless recovery” looks like. Pretty ugly.
Hopefully, next year we’ll see more of a recovery and fewer jobless. The good news is that many economists are predicting just that.
But let’s not get ahead of ourselves or we’ll neglect the local business stories that made this year memorable. There were plenty.
Without doubt, nothing comes close in importance to the double whammy of high unemployment and record foreclosures. They continue to inflict pain and undermine any positive force that’s searching for traction.
Three years after the recession started, joblessness remains stubbornly high at 10.1 percent in the state. What’s more, the problem of long-term unemployment keeps getting worse. Those who have been out of work for at least 27 weeks now comprise 53.7 percent of the jobless, the state labor department said. A year ago, they represented a third, which was already high by historical standards.
Without work, many homeowners can’t pay their mortgages. So