Is the Capital Region in a recession?
According to an analysis by Moody's Economy.com, the answer is: yes.
The designation comes from an evaluation of employment and production data. To be "in recession," as Economy.com terms it, an area's economy must be showing contraction over a six month period. By that measure, Economy.com figures about two-thirds of metro areas in the country, including the Capital Region, are in recession. (NYT has a map, a clip of which is to the right. Red means "in recession," yellow means "at risk.")
The US as a whole is not officially in recession -- at least, not yet. That designation is made by the National Bureau of Economic Research, which isn't currently using the "r" word.
map excerpt: New York Times
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Comments
Maybe I'm not in the norm, but I don't know one person who lost his/her job because of the economy or their home to foreclosure.
... said Barold on Oct 6, 2008 at 2:43 PM | link
Unlike Barold, I know several people in many different fields (locally) who have lost their job. I'm worried about my personal economic future too. I'm starting to think "I wanna rock" wasn't the best answer to my career counselor's question.
... said Pantaloons on Oct 6, 2008 at 3:24 PM | link
We've been in a mental recession for at least a year now. However, the economy is cyclical--if we weren't going into a recession now, we would be sooner or later.
I wonder how close we are to a full-blown depression, though. It would be great to finally have comebacks for my grandmothers when they start complaining about how hard it was growing up during the Depression.
... said Siobhan on Oct 6, 2008 at 4:08 PM | link
And the "On the Bright Side" Award goes to Siobhan for his comment "It would be great to finally have comebacks for my grandmothers when they start complaining about how hard it was growing up during the Depression." **Applause**
... said Emma on Oct 6, 2008 at 5:01 PM | link
So why isn't Utica a huge, red blinking dot in the map? They've been in a 'recession' since the 80's at least.
Don't know about foreclosures, but there are sure a lot of houses for sale on my block.
... said komradebob on Oct 7, 2008 at 1:38 PM | link
Binghamton is in an expansion?
I'm also a bit confused that Poughkeepsie is expanding, yet Kingston is in recession. Is because of it Amtrack and Metro North?
... said Carrie on Oct 7, 2008 at 7:41 PM | link