Wednesday, October 27, 2010

U.S. state unemployment Dec. 09

Jan. 22, 2010

The U.S. bureau of Labour statistics has released data on unemployment for states and regions for Dec. 2009. The national rate remains at 10.0 % but a number of states continue to have unemployment rates well in excess of 10 %. This , of course, is the source of considerable hardship for Americans as it is for anyone . The rates are clearly far too high and need to be reduced as quickly as possible. Deficit reduction should not be the priority whatever the political popularity of this slogan. Deficits fall when unemployment falls. Growth and growth in employment is the key to deficit reduction. Over time as employment grows and unemployment rate falls toward more reasonable values ( 4-5 % or below) deficits shrink as tax revenues grow and the cynical politics of fiscal conservatism which seek to gain political advantage on the backs of the poor and the unemployed and the sick retreat.

Here courtesy of the excellent U.S. Bureau of Labour Statistics are some excerpts from their release.



U.S. REGIONAL AND STATE EMPLOYMENT AND UNEMPLOYMENT -- DECEMBER 2009


Regional and state unemployment rates were generally higher in
December. Forty-three states and the District of Columbia recorded
over-the-month unemployment rate increases, four states registered
rate decreases, and three states had no rate change, the U.S. Bureau
of Labor Statistics reported today. Over the year, jobless rates
increased in all 50 states and the District of Columbia. The national
unemployment rate was unchanged in December at 10.0 percent but was
2.6 percentage points higher than a year earlier.

In December, nonfarm payroll employment increased in 11 states and
the District of Columbia and decreased in 39 states. The largest over-
the-month increase in employment occurred in Virginia (+9,500), fol-
lowed by Oklahoma (+5,000), Oregon (+2,900), New Hampshire and Washington (+2,000 each). New Hampshire, Oklahoma, and Virginia experienced the largest over-the-month percentage increase in employment
(+0.3 percent each), followed by the District of Columbia, Hawaii,
and Oregon (+0.2 percent each). The largest over-the-month decrease
in employment occurred in California (-38,800), followed by Texas
(-23,900), Ohio (-16,700), Illinois (-16,300), Michigan (-15,700),
Wisconsin (-15,200), and Georgia (-15,100).   Montana (-1.5 percent)
experienced the largest over-the-month percentage decrease in employ-
ment, followed by Nevada (-1.0 percent), Iowa and South Dakota
(-0.9 percent each), and Vermont (-0.8 percent). Over the year, non-
farm employment decreased in all 50 states but increased in the
District of Columbia. The largest over-the-year percentage decreases
occurred in Wyoming (-6.8 percent), Nevada (-6.6 percent), Michigan
(-5.1 percent), and Arizona (-4.8 percent).

Regional Unemployment (Seasonally Adjusted)

The West had the highest regional jobless rate in December, 10.7 per-
cent.   The Northeast recorded the lowest rate, 9.2 percent.   The North-
east had a statistically significant rate increase over the month
(+0.5 percentage point). The South had the only other significant re-
gional rate change (+0.3 percentage point).   Over the year, all four
regions registered significant rate increases, the largest of which
was in the West (+3.3 percentage points). (See table 1.)

Among the nine geographic divisions, the Pacific continued to report
the highest jobless rate, 11.7 percent in December. The East North
Central recorded the next highest rate, 11.3 percent. The West North
Central registered the lowest December jobless rate, 7.3 percent,
followed by the West South Central, 8.0 percent. The South Atlantic
rate (10.3 percent) set a new series high. (All region, division, and
state series begin in 1976.) Five divisions experienced statistically
significant unemployment rate increases from a month earlier, the larg-
est of which were in East South Central and New England (+0.5 per-
centage point each). No division had a rate decrease. All nine divi-
sions reported significant over-the-year rate increases of at least
1.8 percentage points. The largest of these occurred in the East South
Central (+3.8 percentage points) and East North Central (+3.7 points).

State Unemployment (Seasonally Adjusted)

Michigan again recorded the highest unemployment rate among the
states, 14.6 percent in December. The states with the next highest
rates were Nevada, 13.0 percent; Rhode Island, 12.9 percent; and South
Carolina, 12.6 percent. North Dakota continued to register the lowest
jobless rate, 4.4 percent in December, followed by Nebraska and South
Dakota, 4.7 percent each. The rate in South Carolina set a new series
high, as did the rates in three other states: Delaware (9.0 percent),
Florida (11.8 percent), and North Carolina (11.2 percent). The rate in
the District of Columbia also set a new series high (12.1 percent).
In total, 27 states posted jobless rates significantly lower than the
U.S. figure of 10.0 percent, 10 states and the District of Columbia
had measurably higher rates, and 13 states had rates that were not ap-
preciably different from that of the nation. (See tables A and 3.)

Twenty-one states reported statistically significant over-the-month
unemployment rate increases in December. Louisiana and Mississippi
experienced the largest of these (+0.8 percentage point each).   One
state, South Dakota, saw a statistically significant rate decrease
from November (-0.2 percentage point). The remaining 28 states and
the District of Columbia registered jobless rates that were not
appreciably different from those of a month earlier, though some
had changes that were at least as large numerically as the signifi-
cant changes. (See table B.)

All states and the District of Columbia recorded statistically sig-
nificant increases in their jobless rates from December 2008. The
largest of these increases were in Nevada and West Virginia (+4.6
percentage points each), closely followed by Alabama (+4.5 points)
and Michigan (+4.4 points). The smallest rate increases occurred in
Minnesota and Nebraska (+0.8 percentage point each). (See table C.)

Table A.   States with unemployment rates significantly differ-
ent from that of the U.S., December 2009, seasonally adjusted
--------------------------------------------------------------
                State                 |           Rate(p)      
--------------------------------------------------------------
United States (1) ...................|           10.0
                                    |              
Alaska ..............................|           8.8
Arkansas ............................|           7.7
California ..........................|           12.4
Colorado ............................|           7.5
Connecticut .........................|           8.9
Delaware ............................|           9.0
District of Columbia ................|           12.1
Florida .............................|           11.8
Hawaii ..............................|           6.9
Illinois ............................|           11.1
                                    |              
Iowa ................................|           6.6
Kansas ..............................|           6.6
Louisiana ...........................|           7.5
Maine ...............................|           8.3
Maryland ............................|           7.5
Michigan ............................|           14.6
Minnesota ...........................|           7.4
Montana .............................|           6.7
Nebraska ............................|           4.7
Nevada ..............................|           13.0
                                    |              
New Hampshire .......................|           7.0
New Mexico ..........................|           8.3
New York ............................|           9.0
North Carolina ......................|           11.2
North Dakota ........................|           4.4
Ohio ................................|           10.9
Oklahoma ............................|           6.6
Oregon ..............................|           11.0
Pennsylvania ........................|           8.9
Rhode Island ........................|           12.9
                                    |              
South Carolina ......................|           12.6
South Dakota ........................|           4.7
Texas ...............................|           8.3
Utah ................................|           6.7
Vermont .............................|           6.9
Virginia ............................|           6.9
Wisconsin ...........................|           8.7
Wyoming .............................|           7.5
--------------------------------------------------------------
  1 Data are not preliminary.
  p = preliminary.

The data clearly shows the very serious nature of this recession and its deep impact in major centre of population throughout the United States. stimulus money that is yet unspent and there are large sums involved here
need to be injected into the economy as soon as possible.

It would be extremely unwise to raise interest rates any time soon and it is imperative that business starts addressing its employment policies with the help of Government wherever necessary and possible to ensure more rapid rehiring and greater job retention in order to reverse the trend of the recessions trough.

It is also essential that the banking system unlocks its commercial loan programs and ensures that credit worthy businesses receive adequate loan support.

We should see in the coming months provided that policy remains supportive improved results on the critical employment front.

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