Food and Beverage

Jobless Rates Rise In All US Metro Areas In Feb.

 

JEANNINE AVERSA

WASHINGTON (AP) — Unemployment rates rose in all of the nation's largest metropolitan areas for the second straight month in February.

The U.S. Labor Department reported Wednesday all 372 metropolitan areas tracked saw their jobless rates rise in February from a year earlier. Indiana's Elkhart-Goshen and North Carolina's Hickory-Lenoir-Morganton, both hammered by manufacturing layoffs, registered the biggest annual increases.

The U.S. unemployment rate rose to 8.1 percent in February, the highest in more than 25 years. Economists predict the national jobless rate will climb to 8.5 percent in March. The government releases that report on Friday. It will probably hit 10 percent by year-end even if the recession were to end later this year, they said.

Eklhart-Goshen's jobless rate soared to 18 percent in February, up 12.5 percentage points. The area has been battered by layoffs in the recreational vehicle industry. RV makers Monaco Coach Corp., Keystone RV Co. and Pilgrim International have cut hundreds of jobs.

The jobless rate in Hickory-Lenoir-Morganton jumped to 15.7 percent, a 9.3 percentage point increase in the area located about 60 miles northwest of Charlotte. About one-third of all jobs in Hickory are at manufacturing plants, said Scott Millar, director of the Catawba County Economic Development Corp., which recruits new businesses.

TheStreet Premium Services

Jim Cramer
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
OptionsProfits
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn More
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
Dow Jones S&P 500 NASDAQ 10-Year Note
12,393.45 1,310.33 2,827.34 15.81
Oil *
101.78
DOWN
26.41
DOWN
2.99
DOWN
10.02
DOWN
0.44
10 Yr
1.58%
SPDR Gold
151.62
-0.21%
-0.23%
-0.35%
-2.71%
Data delayed 20 minutes

Top Stories and Tools

Articles From

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

We respect your privacy.
Podcasts

Connect with TheStreet