Global| Apr 23 2012State Unemployment Rates Show Great Variation & Improvement
by:Tom Moeller
|in:Economy in Brief
Summary
Throughout the United States, the unemployment rate has fallen to some degree from its recession high. In some states, such as New York or Louisiana, improvement has been minimal. In others, as in South Carolina or Florida, the [...]
Throughout the United States, the unemployment rate has fallen to some degree from its recession high. In some states, such as New York or Louisiana, improvement has been minimal. In others, as in South Carolina or Florida, the decline has been great. Differences in the degree of improvement reflect both changes in the labor force and employment. In most cases, the size of the labor force is down from the early-recession peaks. Exceptions include the Dakotas, Maine, Virginia, Texas and Tennessee where individual have been moving in. As for employment, it has risen almost everywhere including Massachusetts, Virginia, Texas, Indiana and New Jersey.
| State Unemployment Rate | March | 2011 | 2010 | 2009 | Labor Force |
|---|---|---|---|---|---|
| Total U.S. | 8.2% | 9.0% | 9.6% | 9.3% | 154.7 mil. |
| Ten States With Highest Jobless Rate | |||||
| Nevada | 12.0 | 13.6 | 13.7 | 11.6 | 1.4 |
| Rhode Island | 11.1 | 11.3 | 11.7 | 10.9 | 0.6 |
| California | 11.0 | 11.8 | 12.3 | 11.3 | 18.5 |
| North Carolina | 9.7 | 10.5 | 10.9 | 10.5 | 4.7 |
| Mississippi | 9.0 | 10.7 | 10.5 | 9.4 | 2.3 |
| Florida | 9.0 | 10.5 | 11.3 | 10.4 | 9.3 |
| New Jersey | 9.0 | 9.3 | 9.6 | 9.0 | 4.6 |
| Georgia | 9.0 | 9.8 | 10.2 | 9.8 | 4.8 |
| South Carolina | 8.9 | 10.3 | 11.2 | 11.5 | 2.2 |
| Illinois | 8.8 | 9.8 | 10.5 | 10.0 | 6.6 |
The accompanying tables indicate varying degrees of decline in the unemployment rate in large-versus-small states.In the two largest states, California and Texas, the unemployment rate has declined over one percentage point. However, the unemployment rate in California still remains one of the highest in the country and four percentage points higher than Texas. The smallest states, including the Dakotas, Nebraska and Vermont, remain at the low end of the unemployment rate scale.
| 10 States With Lowest Jobless Rate | March | 2011 | 2010 | 2009 | Labor Force |
|---|---|---|---|---|---|
| Minnesota | 5.8 | 6.4 | 7.3 | 8.0 | 3.0 |
| Utah | 5.8 | 6.7 | 8.0 | 7.6 | 1.3 |
| Virginia | 5.6 | 6.3 | 6.9 | 6.9 | 4.3 |
| Wyoming | 5.3 | 6.0 | 7.0 | 6.3 | 0.3 |
| Iowa | 5.2 | 5.9 | 6.3 | 6.2 | 1.7 |
| New Hampshire | 5.2 | 5.4 | 6.1 | 6.2 | 0.7 |
| Vermont | 4.8 | 5.6 | 6.4 | 6.9 | 0.4 |
| South Dakota | 4.3 | 4.7 | 5.0 | 5.1 | 0.4 |
| Nebraska | 4.0 | 4.4 | 4.7 | 4.7 | 1.0 |
| North Dakota | 3.0 | 3.5 | 3.8 | 4.1 | 0.4 |
Prospects for additional improvement in state unemployment rates vary greatly. However, for the country as a whole, this economic recovery has been a mild one. Moreover it's not been especially broad-based. Consensus forecasts are for further moderate growth. To what degree that meaningfully lowers unemployment rates remains to be seen.
| Jobless Rate In Other Selected Large States | March | 2011 | 2010 | 2009 | Labor Force |
|---|---|---|---|---|---|
| Texas | 7.0 | 7.9 | 8.2 | 7.5 | 12.5 |
| New York | 8.5 | 8.2 | 8.6 | 8.3 | 9.5 |
| Ohio | 7.5 | 8.6 | 10.0 | 10.1 | 5.8 |
| Washington | 8.3 | 9.2 | 9.9 | 9.4 | 3.5 |
| Indiana | 8.2 | 9.0 | 10.1 | 10.4 | 3.2 |
| Tennessee | 7.9 | 9.2 | 9.8 | 10.5 | 3.1 |
| Maryland | 6.6 | 7.1 | 7.8 | 7.4 | 3.1 |
| Arizona | 8.6 | 9.5 | 10.5 | 9.9 | 3.0 |
| Wisconsin | 6.8 | 7.5 | 8.4 | 8.8 | 3.1 |
| Arizona | 8.6 | 9.5 | 10.5 | 9.9 | 3.0 |
| Colorado | 7.8 | 8.3 | 8.9 | 8.1 | 2.7 |
| Louisiana | 7.1 | 7.3 | 7.5 | 6.7 | 2.1 |
State unemployment figures are available in Haver's EMPLR database.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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