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.


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