State Labor Markets in July 2023
|in:Viewpoints
Only 4 states saw statistically significant increases in payrolls in July. Florida picked up 44,500 jobs, while Vermont had a .9 percent gain. The large increase in Vermont is a bit puzzling, since the disruptions caused by major flooding in that state occurred in mid-month, when the payroll count occurs (leisure and hospitality jobs did fall). Still, Vermont jobs had dropped sharply in June, so the July gain may be mostly normalization, perhaps related to seasonal adjustment issues.
7 states had statistically significant drops in unemployment from June to July, led by Pennsylvania’s .3 percentage point fall. Nevada continues to have the highest rate of any state in the nation, at 5.3 percent. 3 states had significant .1 percentage point gains, though a number of others also experienced point increases, led by New Jersey’s .2 percentage point boost. Nevada, DC, and California all had unemployment rates at least one point higher than the national average of 3.5 percent. Alabama, Maine, Maryland, Massachusetts, Montana, Nebraska, New Hampshire, both Dakotas, Utah, Vermont, and Virginia, were all at least a point lower, with New Hampshire at 1.7 percent.
Puerto Rico’s unemployment rate moved up to 6.2 percent. The job count increase of nearly 5,000 did not reverse all of June’s decline. The recent moves were mainly in the public sector.
Charles Steindel
AuthorMore in Author Profile »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.