Western States Feeling Economic Squeeze
DETROIT (WWJ/AP) - We think Michigan is bad…but a new report shows that western states have also been feeling the pinch from the bad economy. WWJ’s Sandra McNeill reports about the economic squeeze some western states are feeling.
An Associated Press analysis finds that Arizona, California and Nevada are feeling the greatest economic stress two years after the recession ended.
The AP’s Economic Stress Index released Tuesday shows that job growth in the three states has been limited by plummeting home prices and high foreclosure rates.
Meanwhile, Idaho, Montana and Utah saw rising unemployment because of a delayed housing bust and job cuts.
The survey showed the easing of stress over the past two years was seen primarily in Midwestern states like Michigan and Indiana that have shown growth in manufacturing jobs.
The Associated Press contributed to this report.