David Dayen provides the following chart of unemployment in the Northeast region:
As he says, this is is something of a mystery:
I haven’t seen a legitimate explanation for this, and considering the impact on the economy as a whole, it would be good to see some resources devoted to it. I mean, there does happen to be more than one large daily newspaper with lots of resources with offices in the Northeast, right? As well as a number of members of the financial press? Maybe if they got off Wall Street and looked at the rest of the region, they would have something interesting to report.
This is especially true given that the Northeast Corridor alone is responsible for something like 20 percent of economic output. Anyone read some good reporting on this?