The Economy is Local

By Andrew Paparozzi
In February 28, 2008

Are local economic developments important? After all, structural changes in the print industry are breaking down barriers, and we all know from Tom Friedman’s excellent book that “the world is flat.” Nonetheless, the answer is a resounding yes.

Discussions tend to concentrate on headlines about the national economy. However, variations in local economies still matter because much of the transactions in our industry are still local in nature. The latest data from the Bureau of Labor Statistics on state unemployment rates highlight significant differences across the country. In December of 2007, unemployment rates among the states ranged from 3.0% in Idaho and South Dakota to 7.6% in Michigan. The jobless rate for the nation was 5.0%.

Of course, when talking about the economy movement is important. Data on the change in the unemployment rate from the previous year show that the rate fell by 0.7 percentage points in Massachusetts, while jumping up 1.5 percentage points in Nevada. These data show considerable differences, but variations among localities are even wider. The message: We shouldn’t base business decisions solely on the broad brush of national developments.

Joseph Vincenzino

Andrew Paparozzi

Epicomm's Andrew Paparozzi, Vice President/Chief Economist, is well-known for his accurate and thoughtful discussions on the economy and US commercial printing industry. A foremost author and speaker on economic business trends in the printing industry, Paparozzi heads Epicomm's Printing Economic Research Center.

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