Fewer Out-of-State Moves Concern Economists

Online, December 2, 2010 (Newswire.com) - The Brookings Institution, a non-profit conservative public-policy think-tank, estimates that 12.5 percent of Americans relocated in the year ended March 2009, the second-lowest relocation rate. In 60 years The 60-year record low of 11.9 percent occurred the previous year. Out-of-state moves, usually associated with job changes, remained low for a second straight year.

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A big part of the problem is that the U.S. economy shrank by 3.8% over the year ending June, 2009 and unemployment reached a 26-year high of 10.2% in October 2009 before dropping to 10% in November. The average rate of unemployment currently stands at 9.7% nationwide, according to recent estimates by the U.S. Department of Labor - and analysts expect it to remain high through 2011. A December 2009 survey of 46 economists predicted that unemployment will fall only 0.8 percentage point to an average of 9.2 percent in 2011.

An even bigger problem is that many Americans simply cannot afford to move out of their homes because home values have fallen so dramatically - and millions of houses are now worth less than the amount owed on them.

Although promised job growth means more employment opportunities for U.S. workers, many of the new positions will require relocation costs - and 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 online loans, assuming first of course, that they can move out of their existing homes. Since in many cases, stretching already tight budgets in order to achieve employment is a difficult proposition, some job-seekers are turning to online loans in order to finance their own version of the economic recovery.

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