Unemployment Wave Hits Home

The wave of unemployment has made its way from the coasts to the center of the United States. That is evident by recent layoffs, the tight labor market and tough economic times we are seeing locally.

There are several maps that can be found on the internet that demonstrate how unemployment rates began increasing first in the eastern and western thirds of the United States. Here is an example using information from the U.S. Department of Labor.

The Kansas Department of Labor statistics show that locally our unemployment rate increased from a rate of 3.3% in October 2008 to 4.6% in October 2009.

While this is a difficult period it is also a time for some busineses to seek new opportunities. Businesses that are in a position to expand may find this as a good time to purchase realestate at low prices. Because of recent layoffs the size of the available labor pool has increased. This also means there are good quality workers seeking employment. There are some positive factors to consider that businesses can tap into if they are in a position to take on new product lines or otherwise grow and expand.