The very first blog in this series (October 2008) included the TINSTAANREM clause—There Is No Such Thing As A National Real Estate Market. All real estate is local in nature. That also holds for the economy — job growth rates , and the supply and demand for workers occurs at the local level. The blog at hand reinforces that even though the aggregation is at the state level.
Some parts of the U.S. were minimally-impacted by the recession of 2008 and 2009. Others were hit hard and still have yet to recover back to pre-recession days. Among the 50 states and the District of Columbia, 20 have more jobs today than during the peak from 2006 through 2008. That means that 31 have fewer today—and some significantly less.
So in which states is it most difficult to find a full-time job?
To answer that, 24/7 Wall Street analyzed all states based on their underemployed status. Underemployment is defined as being having a part-time job and desiring full-time employment, being unemployed and desiring a job, or having given up looking for a job.
Though not included in their definition, I always considered people making far less than their potential due to temporary locational displacement as being underemployed. When I was chief economist at the Real Estate Center at Texas A&M, it was common to see a spouse or significant other with a high skill set accept a short-term job (two years or less) in a much lower paying position while the other person completed their degree.
To read the entire report from 24/7 Wall Street and added commentary on each of the top-10 states click http://247wallst.com/special-report/2014/08/07/states-where-its-hardest-to-find-full-time-work/
Good news is that job growth, at least in some markets, is coming back.
Bad news is that in some states, it is difficult to obtain full-time employment.
Jobs are everything. Period.