The unemployment rate increased in 23 states in September, with 43 reporting job losses for the month (though not at an accelerating rate). This does signal that we're (hopefully) in the early stages of an economic recovery ... though this can also mean that some job seekers have just given up (and are no longer counted).
Layoffs have slowed down a bit, but companies aren't crazy about taking on new bodies. So far, 600,000 people have dropped out of the hunt. Unemployment now sits at 9.8%.
In the Midwest, the unemployment rate fell for the second month in a row. In August, it was 10% and reached 9.8% in September. This region felt the sting of lost manufacturing jobs. Indiana and Ohio saw considerable improvements in their jobless rates, with the former moving to 9.6% in September from 9.9% in August and 10.7% in June. Ohio improved to 10.1% in September from 10.8% in August and 11.2% in July.
Nevada, Rhode Island, and Florida reported their highest jobless rates since 1976, when the government started to keep score. Fifteen states and Washington, D.C., saw unemployment hit or pass 10%. Michigan tops the list nationwide at 15.3%, followed by Nevada (13.3%), Rhode Island (13%), California (12.2%), and South Carolina (11.6%).
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Reader Comments (Page 1 of 1)
10-22-2009 @ 11:09AM
Peter Van Schaik said...
As job seekers become discouraged and give up looking for work they take themselves out of the labor force so they are no longer counted as unemployed. This tends to lower, not raise, the unemployment rate, all else being equal. I'm sure this is what you meant to imply.
10-22-2009 @ 11:46AM
Mr. Fisher said...
I can't tell if you're the biggest kool-aid drinker ever, or if you're just pathetically naive.
After all the stats you mention, you actually ask if a recovery is now beginning? Is that a joke? Half million job losses month after month after month, and you ask if that's the recovery?
I think if you fell off a 100 story building, then when you reach the first floor you just might say "Well the good news is, there's only one more floor to go!".
To answer your foolish question, hell no it's not a recovery.
10-22-2009 @ 1:03PM
Iridium said...
In Ohio people have just given up. Outside of Michigan we probably have the highest number of 20-30 year old living in parent's basements because they can't find jobs.
The only jobs available are ones that pay under $10 an hour. Even if you get 40 hours a week, which you won't, you'll only clear around $1300 a month. Not exactly a living wage.