Haver Analytics
Haver Analytics
| Mar 11 2024

State Labor Markets in January 2024

State labor markets were generally mixed to improved in January. Eight states had statistically significant gains in payrolls. New York led in absolute numbers (59,300) and percentage (.6) terms, while three of its neighbors (Massachusetts, New Jersey, and Vermont). Only a small handful report point declines, none statistically significant.

4 states had statistically significant increases in their unemployment rates in January, while 2 had significant declines. None of these movements were larger than .2 percentage point. The highest unemployment rates were in Nevada (5.3%), California (5.2%) and DC (5.0%). Illinois and New Jersey were also more than a point higher than the nation’s 3.7 percent. Alabama, Maryland, Minnesota, Nebraska, New Hampshire, North Dakota, South Dakota, and Vermont had rates of 2.7 percent or lower, with North Dakota at 1.9 percent.

Puerto Rico’s unemployment rate remained at 5.7 percent, while the island’s payrolls rose 6,000—likely a statistically significant increase.

  • Charles Steindel has been editor of Business Economics, the journal of the National Association for Business Economics, since 2016. From 2014 to 2021 he was Resident Scholar at the Anisfield School of Business, Ramapo College of New Jersey. From 2010 to 2014 he was the first Chief Economist of the New Jersey Department of the Treasury, with responsibilities for economic and revenue projections and analysis of state economic policy. He came to the Treasury after a long career at the Federal Reserve Bank of New York, where he played a major role in forecasting and policy advice and rose to the rank of Senior Vice-President. He has served in leadership positions in a number of professional organizations. In 2011 he received the William F. Butler Award from the New York Association for Business Economics, is a fellow of NABE and of the Money Marketeers of New York University, and has received several awards for articles published in Business Economics. In 2017 he delivered Ramapo College's Sebastian J. Raciti Memorial Lecture. He is a member of the panel for the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters and of the Committee on Research in Income and Wealth. He has published papers in a range of areas, and is the author of Economic Indicators for Professionals: Putting the Statistics into Perspective. He received his bachelor's degree from Emory University, his Ph.D. from the Massachusetts Institute of Technology, and is a National Association for Business Economics Certified Business EconomistTM.

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