Posted on March - 29 - 2010
Memphis, most other metro areas are suffering through jobless recovery
Though the economy is improving by some measures, it’s a jobless recovery.
The quarterly MetroMonitor report, released Wednesday by The Brookings Institute, shows that while the economy grew in each of the largest 100 metropolitan areas in the fourth quarter of 2009, job gains have lagged significantly, and employment is recovering far slower in the current Great Recession than in the three most recent U.S. recessions.
Only 20 of the top 100 metropolitan areas saw job growth in the fourth quarter, and Memphis was not among them.
From the second quarter of 2007 through the end of 2009, employment — the total number of people with jobs — has declined by an average of 4.5 percent in Memphis. Nationally, employment fell by an average of 4.6 percent in the 100 top metro areas.
Fewer Memphians are working since this recession began more than two years ago. By comparison, two years after the 1981 recession, Memphis had regained all the jobs that had been lost and had added some, the Brookings report shows.
The full report is at brookings.edu.
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