This is the July 2009 Quarterly Inland Empire Economic report by economist John Husing in the SANBAG newsletter. It's interesting to me,check it out.
The Great Recession...
What Will It Take For A Recovery?
John E. Husing, Ph.D.
In 2009, the Inland Empire is facing its most serious economic challenge since the 1930s. Last year, the area lost 48,650 jobs. The QER has forecasted a 2009 decline of another 82,600 jobs. Through May, the losses have averaged 79,920 positions (Exhibit 9). The weakness is occurring because of the impact of declines in the area’s three blue collar sectors. To identify what will be required for a recovery to occur, it is necessary to recognize the current state of the construction, logistics and manufacturing sectors
as well as how they are impacting the region’s population-serving activities. Given that background, it is possible to estimate what is needed for a recovery.
Gold Mines. A regional economy is analogous to an Old Western gold mining town. There, miners dug up gold and it is shipped away. The money received from the outside world supported them. When miners needed food, protection or entertainment, the same dollars flowed from them to the general store, sheriff or saloon. If the mine thrived so did this “secondary” tier of activity. If it closed, a ghost town resulted.
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