The government said on Friday that unemployment rates rose in 43 state last month. A bad news compared to the nationwide data released two weeks ago, which stated the unemployment rates of 36 states had gone down.
New Jersey's rate rose to a 33-year high of 10.1 percent while Yew York's reached a 26 year high of 9 percent. Texas and Georgia lost more jobs in December than they had gained the previous month, while Arizona and South Carolina lost nearly as many as they had gained.
The unemplyment rate of California remains the same at 12.4 percent, the fifth-highest in the nation. However, that was because 107000 people, or 0.6 percent of the state's work force, stopped job-hunting.
Unemployment rate is calculated by the number of adults who are looking for a job but they couldn't find one divided by the total amount of people in the labor force. Those who give up job-hunting are no longer included in the labor force. So the unchanged unemployment rate in Carlifornia does not reflect a good sign. The labor force participate rate must have fallen a lot.
No comments:
Post a Comment