{"id":1004068987,"date":"2013-03-19T06:04:21","date_gmt":"2013-03-19T14:04:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004068987"},"modified":"2022-12-08T21:45:42","modified_gmt":"2022-12-09T05:45:42","slug":"economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/","title":{"rendered":"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum"},"content":{"rendered":"<p><em>By Dees Stribling, Contributing Editor<\/em><span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p>\n<p>The eurozone crisis has been somnolent lately, but over the weekend it returned to mini-panic mode in a hurry when word broke that as part of Cyprus\u2019 bailout, the EU wants depositors in the island nation\u2019s banks to pay a 6.75 percent tax on their deposits up to 100,000 euros, and a higher tax on deposits higher than that. Cypriots are resisting this idea, enough to force the government to postpone a vote in parliament to accept the terms of the bailout. International markets were roiled by this turn of events, even though Cyprus represents less than 0.5 percent of the eurozone\u2019s economy.<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p>\n<p>The demand seemed to be a thunderbolt out of the blue. But then again, eurozone taxpayers from solvent nations have been ponying up bailout funds since the onset of the Great Recession \u2013 so far to Ireland, Greece, Portugal and Spain \u2013 and apparently sentiment among the public and policymakers in those countries (especially Germany) is that bond holders and \u2013 in this case anyway \u2013 bank depositors in the bailed-out nations ought to pony up, too.<\/p>\n<p>Also a factor: it\u2019s an election year in Germany, and the Germans are steamed about the bailouts. The demand for depositors\u2019 money has steamed the Cypriots as well, who see the eurozone demand in terms of blackmail: if they don\u2019t pay up, Europe will let the Cyprus\u2019 insolvent banks fail, which would cost depositors a lot more than 6.75 percent, since their nation can\u2019t cover all the losses. Also, if Cypriot banks are allowed to fail, the country might leave the euro, which so far no one has done \u2013 with consequences that are hard to predict.<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p>\n<p><strong>All State Unemployment Rates Below 10 Percent<\/strong><\/p>\n<p>The Bureau of Labor Statistics reported on Monday that no state had double-digit unemployment rates as of January 2013. Some states are still pretty high \u2013 with the top two being California and Rhode Island, at 9.8 percent. Still, the fact that all official rates are below 10 percent is some kind of psychological milestone.<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p>\n<p>For the month, 25 states and the District of Columbia recorded unemployment rate increases, eight states posted decreases, and 17 states had no change. Compared with last year, however, 40 states and D.C. saw unemployment rate decreases, while only seven states experienced increases and three had no change.<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p>\n<p>North Dakota again enjoyed the lowest jobless rate among the states, according to the BLS, coming in at 3.3 percent mainly because of the oil boom in that part of North America. All together, 24 states reported jobless rates significantly lower than the U.S. figure of 7.9 percent, while nine states had measurably higher rates, and 17 states and D.C. had rates not much different from that of the nation.<\/p>\n<p><strong>Homebuilders a Bit More Glum<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/strong><\/p>\n<p>Homebuilder confidence dropped for a third consecutive month in March, with the National Association of Home Builders\/Wells Fargo Housing Market Index dropped two points to 44. Anything below 50 means that builders are pessimistic about the direction of their industry.<\/p>\n<p>\u201cIn addition to tight credit and below-price appraisals, home building is beginning to suffer growth pains as the infrastructure that supports it tries to re-establish itself,\u201d NAHB chief economist David Crowe said in a statement. \u201cDuring the Great Recession, the industry lost home-building firms, building material production capacity, workers who retreated to other sectors and the pipeline of developed lots. The road to a housing recovery will be a bumpy one until these issues are addressed, but in the meantime, builders are much more optimistic today than they were at this time last year.\u201d<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p>\n<p>Wall Street seemed a little spooked on Monday, with the Dow Jones Industrial Average down 62.05 points, or 0.43 percent. The S&amp;P 500 was off 0.55 percent and the Nasdaq dropped 0.35 percent.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cypriot upset broke out when word got out that as part of Cyprus&#8217; bailout, the EU wants depositors in the island nation\u2019s banks to pay a 6.75 percent tax on their deposits up to 100,000 euros. No state has double digit unemployment at this point, marking a milestone. And homebuilder confidence dropped for a third consecutive month in March.<\/p>\n","protected":false},"author":952,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004068987","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum\" \/>\n<meta property=\"og:description\" content=\"Cypriot upset broke out when word got out that as part of Cyprus&#039; bailout, the EU wants depositors in the island nation\u2019s banks to pay a 6.75 percent tax on their deposits up to 100,000 euros. No state has double digit unemployment at this point, marking a milestone. And homebuilder confidence dropped for a third consecutive month in March.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-03-19T14:04:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:45:42+00:00\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum\",\"datePublished\":\"2013-03-19T14:04:21+00:00\",\"dateModified\":\"2022-12-09T05:45:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\\\/\"},\"wordCount\":636,\"commentCount\":0,\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\\\/\",\"name\":\"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"datePublished\":\"2013-03-19T14:04:21+00:00\",\"dateModified\":\"2022-12-09T05:45:42+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\",\"name\":\"Anna Spiewak\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g\",\"caption\":\"Anna Spiewak\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/annaspiewak\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/","og_locale":"en_US","og_type":"article","og_title":"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum","og_description":"Cypriot upset broke out when word got out that as part of Cyprus' bailout, the EU wants depositors in the island nation\u2019s banks to pay a 6.75 percent tax on their deposits up to 100,000 euros. No state has double digit unemployment at this point, marking a milestone. And homebuilder confidence dropped for a third consecutive month in March.","og_url":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-03-19T14:04:21+00:00","article_modified_time":"2022-12-09T05:45:42+00:00","author":"Anna Spiewak","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/"},"author":{"name":"Anna Spiewak","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1bbb99675c2609ea2e6792f8b25d7b76"},"headline":"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum","datePublished":"2013-03-19T14:04:21+00:00","dateModified":"2022-12-09T05:45:42+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/"},"wordCount":636,"commentCount":0,"articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/","url":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/","name":"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2013-03-19T14:04:21+00:00","dateModified":"2022-12-09T05:45:42+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1bbb99675c2609ea2e6792f8b25d7b76"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-bailout-terms-for-cyprus-cause-big-upset-state-unemployment-rates-below-10-homebuilders-a-bit-more-glum\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1bbb99675c2609ea2e6792f8b25d7b76","name":"Anna Spiewak","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ca81c045f3cbec45b685f13082ecf7d9870a1909fe3ec2d4d15b1dea4897f406?s=96&d=mm&r=g","caption":"Anna Spiewak"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/annaspiewak\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004068987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/952"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004068987"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004068987\/revisions"}],"predecessor-version":[{"id":1004614513,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004068987\/revisions\/1004614513"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004068987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004068987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004068987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}