After November's encouraging picture of improvement for the jobs market, December proved a disappointing setback. Even though the national unemployment rate remained unchanged, 43 states and the District of Columbia saw over-the-month job loss, with an increase in the unemployment rate.
Even in the Midwest, where unemployment remains lowest, the news is getting slowly grimmer. Most states lost jobs or remained roughly stable in August compared to July, retaining frustratingly high unemployment rates. Some states did worse than others.
Despite being a bulwark against job losses, the Midwest is starting to show signs of increased unemployment. Whatever light might be at the end of the tunnel, July jobless rates show that the job market has been getting worse across the United States. States like Michigan and Nevada are suffering more than ever. And the recession-resistant states are slowly seeing higher rates of unemployment, too.
Four states remain a bulwark against a recession that has led to despair in other parts of the United States. These states with steady, traditional economies have kept their jobless rates down and remain the ideal places to find employment . The lowest unemployment rate in the country remains North Dakota, tied with Nebraska for an amazingly low 4.4 percent unemployment rate. This is followed by Wyoming and South Dakota, both with unemployment rates at 5.0 percent.
Are unemployment numbers manipulated? Some people think so. I think those people are full of crap.
When the economy heads south, why do employers not consider less drastic strategies to reduce labor costs?
Things should get better by 2010 according to the OECD. Or now. See the oool graphic on GDP, unemployment and inflation forecasts.
What is the Beige book and why is it so important for our economic outlook?
As economic conditions continue to worsen, the likelihood of stagflation is increasing.
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