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The Current Recession and Impacts in the Louisville Region

The Current Recession and Impacts in the Louisville Region. Crisis or correction?. by Paul Coomes, Ph.D. Professor of Economics University of Louisville January 23, 2009. Loss of 2.5 million jobs since last December. January 20, 2009. Front page, top headline, first paragraph

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The Current Recession and Impacts in the Louisville Region

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  1. The Current Recession and Impacts in the Louisville Region Crisis or correction? by Paul Coomes, Ph.D. Professor of Economics University of Louisville January 23, 2009

  2. Loss of 2.5 million jobs since last December

  3. January 20, 2009 Front page, top headline, first paragraph Obama to Call for a New Era of Responsibility by Laura Meckler and Jonathan Weisman Washington - Americans poured into the nation’s capital to celebrate the inauguration of the first black president with parties and parades. But with the U.S. in its worst economic crisis since the Depression and at war on two fronts, Barack Obama was expected to embrace a new culture of responsibilty when he takes office at noon………….

  4. Households w high-speed internet connections 0% 0% 41% US cell phone subscribers 0 0.1 mil 280 million Life expectancy at birth (years) 71.4 74.1 77.9

  5. State and Local • In contrast to media reports, Kentucky General Fund receipts are up 2% this fiscal year compared to last (July to December) • Kentucky individual income tax receipts are up 7.1% so far this fiscal year (sales taxes are up 1.5%, corporate profit taxes are down 35%) • Louisville occupational taxes are down 2% so far this fiscal year (July to December)

  6. 1981-82 recession – severe, with inflation 1990-91 recession – mild nationally, UPS growing locally 2001 recession – internet bubble burst, 9/11 hit to tourism

  7. Job Growth in Louisville MSA • job growth stalled in late Spring 2008 • will probably end the year with same number of jobs as end of 2000!

  8. national trend IT productivity good news just passed previous peak: 624,000 jobs in August 2000 Job Growth this Decade

  9. Total: 345,000 homes 25 percent valued at less than $100,000; 55 percent valued at less than $150,000 104,000 homes do not have a mortgage

  10. for research reports, see http://monitor.louisville.edu

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