Monday, August 22, 2011

West Isn't the Best in July Employment

New unemployment figures point to an unemployment rate in the West States that sits above 10.5%. The economy continues to have problems creating jobs in a state where markets are volatile yet interest rates remain at records lows. This suggests that current monetary policy isn't working to stimulate the economy, and most important, help businesses increase production (thereby hiring more workers). More jobs would mean more people can take advantage of lower interest rates and make that big purchase-- homes.


More stats:


Regional and state unemployment rates were generally little changed in July.
Twenty-eight states and the District of Columbia registered unemployment rate
increases, nine states recorded rate decreases, and thirteen states had no rate
change, the U.S. Bureau of Labor Statistics reported today. Thirty-seven states
posted unemployment rate decreases from a year earlier, seven states and the District
of Columbia reported increases, and six states had no change. The national jobless
rate was little changed at 9.1 percent but was 0.4 percentage point lower than a
year earlier.

In July, nonfarm payroll employment increased in 31 states and the District of
Columbia and decreased in 19 states. The largest over-the-month increase in
employment occurred in New York (+29,400), followed by Texas (+29,300), Michigan
(+23,000), and Tennessee (+14,300). Hawaii experienced the largest over-the-month
percentage increase in employment (+1.1 percent), followed by Utah (+0.8 percent),
Michigan (+0.6 percent), and Delaware, Iowa, Kansas, and Tennessee (+0.5 percent
each). The largest over-the-month decrease in employment occurred in Illinois
(-24,900), followed by Florida (-22,100), Minnesota (-19,800), and Indiana (-10,100).
Minnesota experienced the largest over-the-month percentage decline in employment
(-0.7 percent), followed by Illinois and Indiana (-0.4 percent each). Over the year,
nonfarm employment increased in 44 states and the District of Columbia and decreased
in 6 states. The largest over-the-year percentage increase occurred in North Dakota
(+5.2 percent), followed by Texas (+2.6 percent), Utah (+2.5 percent), and Oklahoma and Wyoming (+2.2 percent each). The largest over-the-year percent decrease in employment occurred in Indiana (-1.0 percent), followed by Delaware (-0.7 percent), Georgia (-0.6 percent), and Alabama and Kansas (-0.3 percent each).

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