The above chart shows the unemployment rate by state for June 2009. The 15 states with an unemployment rate above 10% are shown in red. Michigan has the highest unemployment rate in the country at 15.2%. Remember this is the offical unemployment data which understates the real unemployment picture. For example, the offical unemployment numbers don’t include individuals that the government believes have dropped out of the labor force (even if they still want a job), or persons working part time for economic reasons (the only type of work they can find). Most data I have seen on a national level would lead me to believe that an official unemployment rate between 10%-15% really means that at least 20% of the labor force is either unemployed or underemployed.
Data source:
U.S. Bureau of Labor Statistics
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On Friday the Bureau of Labor Statistics released its May 2009 report on unemployment by state. The report showed that 13 states now have an unemployment rate of 10% or higher. This is up from just eight states in April.
I’ll return to the series on debt in the U.S. financial sector tomorrow.
Data source:
Bureau of Labor Statistics
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The state unemployment numbers for April were a mixed bag. On a positive note 21 states recorded a month-over-month unemployment rate decrease from March. However, 18 states recorded a month-over-month unemployment rate increase from March. Also, eight states have an unemployment rate above 10%. More troubling is that these eight states account for just over 25% of the U.S. population.
The national unemployment numbers for May come out on Friday. It is likely that this report will show that the national unemployment rate has topped 9% for the first time in more than a quarter century.
Data source:
U.S. Bureau of Labor Statistics
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The above chart shows the unemployment rate for each Metropolitan Statistical Area (MSA) in California for the month of March 2009 (the latest local data). This chart shows the magnitude of the unemployment problem in California. A few observations:
1) Not a single MSA in California has an unemployment rate below the national average.
2) Two MSAs have an unemployment rate above 20%.
3) 12 of the 26 California MSAs have an unemployment rate above 15%.
4) 19 of the 26 California MSAs have an unemployment rate above 10%.
Remember these are offical unemployment numbers and understate the actual unemployment picture. When part-time workers for economic reasons, and individuals that have dropped out of the labor force (but still want a job) are added the offical unemployment rate increases significantly. I don’t have this data locally, but on a national basis when these individuals are added the unemployment rate approximately doubles. For more information on the real unemployment rate see my posts on the suffering index at: http://chartingtheeconomy.com/?cat=20.
Data Source:
Bureau of Labor Statistics
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Today the Bureau of Labor Statistics reported the March unemployment numbers by state, and the picture is not pretty. A few points to make:
1) Eight states (representing a quarter of the U.S. population) now have offical unemployment rates of 10% or higher.
2) California and North Carolina now have record high unemployment rates of 11.2% and 10.8%, respectively.
3) Only one state (North Dakota) reported an improvement in its unemployment rate compared to a month earlier.
Note that these are offical unemployment numbers. Actual unemployment numbers are roughly twice these levels (based on national data) when part-time workers for economic reasons and workers that have dropped out of the labor force (but still want a job) are included.
Data Source:
Bureau of Labor Statistics
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