Sobering news about our little eastern neighbor

Posted on August 23, 2010. Filed under: Uncategorized |

Today’s Hartford Courant has an interesting but sobering article about our small neighbor to the north, Rhode Island – a state where economists celebrated the state’s July unemployment rate of 11.9 percent. Because it marked the first time in 11 months that unemployment rate fell below 12 percent. (Ours is hovering just under nine at last count.)

Rhode Island is holding that dubious honor of highest unemployment in the nation with Nevada, Michigan, and California. Nevada’s struggling because of construction drying up, California because of the construction and the subprime mortgage lending, and Michigan as a result of the factory jobs lost.

But what about Rhode Island? Scary fact of the matter is they’re not terribly different from us. Small states. New England. Fairly high cost of living, wages, and taxes.

Connecticut, according to the article, is protected by diversified manufacturing and has “powerful engines of wealth” like Hartford’s insurance mecca and Fairfield County’s finance boon.

If factors like these mark the difference between a nine percent unemployment rate and a nearly 12 percent unemployment rate, it seems like it’s time to protect those assets!

Read the article.

Advertisements

Make a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

  • Numbers are a language. CPAs can translate.

    Welcome to the official legislative blog of the Connecticut Society of Certified Public Accountants.

    These are the thoughts of Connecticut's CPAs.

  • Who's reading?

    • 6,711 hits
  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 37 other followers

  • Like us on Facebook

  • Archives

Liked it here?
Why not try sites on the blogroll...

%d bloggers like this: