State Labor Markets in November 2022
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State labor market results in November continue to show lessened improvement and, in some measures, some softening. Eight states had statistically significant increases in payrolls. West Virginia saw a 1 percent gain, and New Hampshire’s .6 percent was the only other gain higher than ½ percent. Florida saw the largest numerical increase. Its 28,100 is fairly small compared to earlier months, where the leaders generally with state pickups of more than 50,000 Over the last 12 months, every state (and DC) saw a gain in payrolls, but in six cases (as well as in DC) the increases were not seen as statistically significant. Texas’s 5.1 percent gain over this period was the largest.
12 states saw statistically significant increases in their unemployment rates from October to November, but none larger and .3 percentage point. Three states, and DC, had statistically significant declines, none greater than .2 percentage point. Nevada’s 4.9 percent rate was the nation’s highest, with DC and Illinois also posting rates above 4.5 percent; Utah’s 2.2 percent the lowest, with Minnesota and both Dakotas the other ones with rates under 2.5 percent (in October seven states had rates of 2.4 percent or lower).
Puerto Rico's job count rose by more than 4,000, but once again there was insufficient information to compute the (seasonally-adjusted) unemployment rate on the island.
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.