Economic Recovery After Previous Recessions Helped By Mobile Workforce

Online, December 22, 2010 (Newswire.com) - One of the hallmarks of America's labor market is a high level of mobility," said Joseph Stiglitz, a Nobel Prize-winning economist. In the current recession, the traditional ability of workers to relocate has been impaired to a great extent by the housing crisis. Many workers are simply unable to move because they owe more on their mortgages than their properties are worth; others who would like to move cannot because they cannot sell their homes.

The decreased mobility has already contributed to keeping the jobless rate as much as 1.5 percentage points higher than would have been suggested by the depth of the recession, Peter Orszag, director of the U.S. Office of Management and Budget, estimated in July. About 12.5 percent of Americans moved in the year ended March 2009, the second-lowest ever, according to an estimate by the Brookings Institution, a conservative nonprofit public policy "think-tank." Out-of-state moves, usually associated with job changes, remained at a record low 1.6 percent of the population for a second year.

Some workers have turned to unsecured personal loans in order to meet their financial needs. Pre-qualify for personal loans of up to $250,000.

According to a survey conducted by First American CoreLogic, almost a quarter (10.7 million homes) of all U.S. homes under mortgage loans were worth less than the debt owed on them near the end of last year and an additional 2.3 million mortgages were approaching "negative equity" as loan defaults continue to occur. And, while some analysts contend that the recession has already ended, a December survey of 46 economists predicted that unemployment will fall only 0.8 percentage point to an average of 9.2 percent in 2011. Although better economic news can mean better prospects for those who are seeking new positions, many of the new positions will require an outlay of cash in the form of relocation costs. Many companies have scaled back programs that reimbursed new hires for such expenses, forcing applicants to finance their own expenses by using savings or obtaining unsecured personal loans.

Since in many cases, spending money and stretching already tight budgets in order to achieve employment is a difficult proposition, some job-seekers are turning to unsecured personal loans in order to finance their own version of the economic recovery. See if a unsecured loan up to $250,000 will help.