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The Humboldt County Economy in 2009 By Erick Eschker

The Humboldt County Economy in 2009 By Erick Eschker. Presented to Eureka Old Town Rotary Club December 2, 2008. The Humboldt County Economy in 2009. By Erick Eschker Department of Economics Humboldt State University Humboldt Economic Index www.humboldt.edu/~indexhum.

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The Humboldt County Economy in 2009 By Erick Eschker

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  1. The Humboldt County Economy in 2009 By Erick Eschker Presented to Eureka Old Town Rotary Club December 2, 2008

  2. The Humboldt County Economy in 2009 By Erick Eschker Department of Economics Humboldt State University Humboldt Economic Index www.humboldt.edu/~indexhum

  3. Humboldt Economic Index Sponsors

  4. Six Sectors and Composite • Energy • Lumber-based manufacturing • Employment • Hospitality • Retail • Housing • Composite

  5. Gas Prices are down, and will stay lower as the Recession continues

  6. County Unemployment Rates 3rd highest since Jan. 1994

  7. Employment has started to fall

  8. Biggest drops in Construction and Financial Services (included real estate agents and lenders)

  9. Leading Indicators:Claims for Unemployment Insurance

  10. Help Wanted

  11. Housing Sales

  12. Housing Prices

  13. Foreclosures • Foreclosures in Humboldt County have gone from record lows to record highs

  14. How far does Housing have to fall?

  15. Inflation Adjusted Prices slowly falling

  16. Price to Rent ratio falling

  17. Overall Economic Activity is down this year

  18. National News • Recession officially started December, 2007 • Exports slowing due to recessions abroad • Record or near record lows on US Treasury Bonds (flight to safety) • Credit Crunch (credit cards and other lending)

  19. State News • Budget Crisis • $11.2bil Deficit • Governor calls for decreased spending on CSU, CalWorks, Medical and increased employer unemployment contributions

  20. Uncertainty for Humboldt County • How bad will national recession be? • When will credit markets stabilize? • Effect of past and future Bailouts/Stimulus packages • Will state employment be cut significantly?

  21. The Humboldt County Economy in 2009 By Erick Eschker Department of Economics Humboldt State University Humboldt Economic Index www.humboldt.edu/~indexhum

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