On Jan 24, 2008, at 2:57 PM, Steven L. Robinson wrote:
> Would it be fair to say, though, that in some areas heavily
> dependent on construction spending - e.g. Southern California -
> that the recession might be steeper than nationally? For an
> unemployed construction worker or mortgage consultant it would
> certainly FEEL like a steep recession.
For sure. Nor was there any boom in the midwest - instead, much of that region has been enduring the evisceration of the domestic auto industry. As the Wall Street pundits sometimes say, it's a market of stocks, not a stock market. Same for sectors and regions in a national economy.
Doug