State Unemployment Rates
Bill McBride at Calculated Risk does his usual excellent job of reporting economic data;
He just reported the state unemployment rates and published a chart comparing the current rate with each state’s peak rate.
One very significant point that popps up in this chart is that Michigan and Ohio appear to have had the greatest improvement in their unemployment rates since their unemployment rates peaked. I think this is an important thing to consider when we evaluate the impact of the auto bailout and why Obama appears to be leading in the Presidential polls in those two states.
As a point of clarification, about 10% of Michigan’s work force has disappeared since 2009, and the Michigan-based economists tend to believe they left the state.
As to Ohio, the quality of the jobs being created is really lousy (in terms of pay and benefits).
Happy days are not here again – yet.
Hi Spencer:
I am going to add to STR’s comments. Many automotive employees took the buyout from Ford, Chrysler, and GM. In which case they would be ineligible for UI as they signed a contract stating they would be such. Quite a few of them I knew left the state when their year or two of buyout was exhausted of just dropped out of the Labor Force. Particioation Rate in Michigan is still low as is the Labor Force.
Th unemployment rates in Michigan and Ohio have improved year over year, but by significantly less, indicating much of the gains seen happened more than a year ago. http://www.floatingpath.com/2012/09/21/state-unemployment-changed-august/
here’s the the Regional and State Employment and Unemployment Summary for August
none of the tables linked to at the bottom seem to have state LFPRs included…
rjs:
It is not about U3. You have to look at Participation Rate. Here are two citations:
http://www.governing.com/gov-data/economy-finance/state-labor-force-participation-rates-data.html
http://www.bls.gov/lau/lalfprderr.pdf
ok, labor force partcipation rates for August:
natl: 63.5%
ohio: 63.6%
mich: 59.8%
Even LPR doesn’t tell you much. If your workforce is aging/retiring and the up and comers aren’t as big, you will shrink.
Happy days are here again in that the economy is providing jobs, even if part time. That is all your going to get in this environment anyway.
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