Unemployment continues its rise in April

In several parts of the country a 10% unemployment rate would actually be a big improvement over the current situation. The battered auto industry has helped push unemployment in Michigan all the way to 12.9% last month. Other areas that have been hit pretty hard are Oregon at 12%, South Carolina at 11.5% and Rhode Island at 11.1%.

While everyone is looking for positive indicators that the recession is nearing its end, it is hard to imagine that the huge numbers of people that are still out of work see any light at the end of the tunnel. Housing, construction, and retail jobs continue to be the areas hardest hit by the economic slowdowns, and unemployment rates are offering little indication that they are close to stabilizing.

California had the largest net increase in job losses, with a reported 63,700 jobs vanishing during the month. The silver lining for California, is that despite the increase in losses, its overall unemployment rate actually shrank slightly in April, down to 11.1% in April from 11.2% in March. Adding to California's difficulties is the sobering fact that in April, 1 out of every 1389 homes in the state received a foreclosure notice.

In total, there are now 6.7 million Americans now receiving unemployment insurance. This is the highest level on record all the way back to 1967. That's a lot of people out there wondering where their next pay check is going to be coming from.