The United States Conference of Mayors released a scathing report on the slow recovery of Americans cities. Just 26 of 363 metropolitan areas have seen a full rebound to pre-recession peaks. Moreover, just about 80 of those areas will need five years to bounce back to previous levels. In addition, medium real income for US households was $49,455 in 2010, down from an inflation-adjusted $53,252 in 1999. In metro areas median income slipped 2.2%. The good news is 2012 is shaping up to be better, but still in the grand scheme of things, not as robust as the past. People leave the farms to make money in the big city.
Sectors that look to get better
Construction and mining look to lose 135,000 and government (local) 196,000.
A lot of job growth this year will come from that rugged arena of energy. According to the report, jobs associated with the Marcellus Shale to the Barnett Shale will grow strongly. It is not just direct jobs from these great opportunities, but the report says professional business services will add 12,800 jobs in the Dallas-Fort Worth metro area, 10,500 in Houston and 1,900 in Oklahoma City. Add in another 23,400 new jobs in education and health service workers in these three metro areas and you have to think the war against fossil fuels is foolhardy and suicidal.
Even more suicidal is the amount of people relying on the government these days. The latest data says 48.6% of the population lives in households receiving government benefits. In addition, as we approach 50 million on food stamps, the tally came in last year at $71.8 billion. It's really tough trying to be rugged when the most strenuous thing you do to survive is walk to the mailbox. I realize crunching numbers on corporate reorganization isn't the same as joining a Shawnee hunting party, but most high paying jobs tax the cerebellum muscles more than calf muscles these days. But you still have to get out of bed early in the morning and work late into the night.
Charles Payne
Wall Street Strategies