Sunday, January 24, 2010
State jobless rates on the rise
Even with the consistent signs of a rising economy, unemployment still is struggling to decrease. The article talks about how many states still have a high unemployment rate. Michigan is still holds the highest rate of 14.6% compared to the nations average of 10%. Although in December 11 states added jobs to help improve the rate that seems to remain idle. North Dakota holds the lowest rate in the country at a rate of 4.4%. I think that this is because the population in the state of North Dakota being so low in comparison to other states such as California. Michigan has been effected the most in this recession due to the falling car industry. Most of Michigan's employment is made up of those in the car industry, and with the fall in GM many car companies have had to cut jobs to keep business a float.
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I think you bring up a good point with job loss in Michigan. As you look to the states like California, and New York it is also no surprise that they have had their struggles too. Big industry and Banks and so on are based out of cities like LA and NYC, and some of these companies have folded or have not been bailed out. The middle states have not seen the same unemployment problems as other states probably because of the industry they mainly work in. Farming and Cattle ranches are still seeing demand for their products, and that makes up a larger part of their local economies then any other states.
ReplyDeleteI thought it was interesting how they summarized the breakdown of the states.
ReplyDelete"Joblesslessness was highest in the West. That region had a jobless rate of 10.7%. The Northeast had the lowest rate of unemployment at 9.2%, but that was up 0.5 percentage point from November"
It is disheartening to hear this information, but I guess things can only get better from here hopefully.
I believe we lean on the government to much to "create" jobs. We also complain about the government spending too much money, but that would involve an increase in government spending to increase our deficit even more. Obviously politics brings a give or take situation where doing something brings a benefit in one way and detriment in another. So as economist we focus on one and try to minimize the detriment in other areas.
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