- Jordan: Foreign Trade (Mar-Prelim); Oman: CPI (Apr)
- China: Crude Steel Output (Apr), ANZ-Roy Morgan Consumer Confidence (May); Macao: CPI (Apr); Vietnam: CPI (May); Pakistan: International Trade by Commodity (Apr)
- New Zealand: Marketscope Survey of Inflation Expectations (Q2)
- Japan: Financial Institutions Accounts (Mar)
- Euro area: Flash Consumer Confidence (May)
- Latvia: PPI (Apr); Kazakhstan: Public Finance (Apr);
- more updates...
Economy in Brief
Euro Area PMI Weakens As the Fed Rattles Its Policy Saber
Conditions and patterns vary across EMU-somewhat by size...
U.S. Existing Home Sales and Prices Near Recovery High
Sales of existing homes increased 1.7% (6.0% y/y) to 5.450 million (SAAR) during April from 5.360 million in March...
German PPI Drops with Upward Pressure Mounting and a Mixed Future
The German PPI (ex-construction) fell by 0.2% in April, returning to its declining ways after a flat performance in March...
U.S. Leading Economic Indicators Firm
The Conference Board's Composite Index of Leading Economic Indicators increased 0.6% during April (1.9% y/y)...
Philadelphia Fed Business Conditions Index Remains Negative
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index eased during May to -1.8...
U.S. Initial Claims for Unemployment Insurance Decline
Initial unemployment jobless claims fell to 278,000 (+0.7% y/y) during the week ended May 14...
by Tom Moeller May 23, 2016
The overall U.S. unemployment rate has averaged 5.0% since Q4 of last year, half its late-2009 peak. For all of 2015, the 5.3% jobless rate was down roughly two percentage points from 2014. Despite the overall decline great variation amongst individual states continued.
In the latest report for April, California's 5.3% jobless rate was less than half the 12.1% peak averaged during 2010. Unemployment in Illinois of 6.6%, though up of late, was down from the peak of 10.3% averaged both in 2009 and 2010. The jobless rate in Texas has been fairly stable since early last year near 4.5%, but remained down versus the 2008 average high of 8.4%. In Tennessee, last month's 4.3% rate compared to the 2009 average high of 10.6%. New York's unemployment rate of 4.8% compared to the 2009 peak of 8.9%.
Amongst mid-sized states, Michigan showed perhaps the greatest degree of reduced joblessness in the country. It's 4.8% rate was down from 6.4% at the end of 2014, but roughly one-third of its 13.8% peak in 2009. New Jersey's 4.7% rate of joblessness compared to 9.5% averaged in 2010, while Virginia's rate at 3.9% was below the 7.0% peak in 2010. Amongst smaller states, Vermont's decline in the unemployment rate resumed this year and fell to 3.2%, compared to a high of 7.0%. Connecticut's has backed up a bit to 5.7%, yet it's still below the 9.1% for all of 2010. South Dakota's rate fell to 2.5% from the 5.0% peak.
Increased unemployment, however, occurred in several states last month such as Ohio where its 5.2% jobless rate was up from the 4.6% low. Illinois' recent 6.6% rate was higher than 5.8% nine months ago. Pennsylvania's 5.3% jobless rate was up from 4.6% as recently as February. North Dakota's rate of 3.2% was up from the 2.7% low.
The unemployment rate figures in individual metropolitan areas continued, in most circumstances, to differ widely from the state numbers. Florida's 4.8% unemployment rate was below the 5.5% in the Miami metro area, although Miami's rate was down from 11.1% average in 2010. Michigan's 4.8% jobless rate also was under the 5.6% jobless rate around Detroit. In 2009, it averaged 15.0%. New York state's 4.9% unemployment rate was below the 5.4% rate in New York City, while California's 5.3% rate roughly equaled the 5.1% around Los Angeles. Also close to one another were Illinois' unemployment rate of 6.6% and Chicago's 6.5%, both of which have risen lately. Ohio's 5.2% rate equaled Cleveland's rate of joblessness. Working the other way were Washington state's 5.8% jobless rate which exceeded Seattle's 4.8%, which also has moved up.
State unemployment figures are available in Haver's EMPLR database.
Total U.S. Unemployment Rate
Ten States With Highest Jobless Rate
|Ten States With Lowest Jobless Rate|
|Jobless Rate In Other Selected Large States|