AP: State unemployment continues to grow.
Yesterday the Bureau of Labor Statistics released its report on the unemployment rates in each state. The U.S. unemployment rate in December was 10.0 percent, unchanged since November. The Georgia unemployment rate was 10.3 percent, up from 10.1 in November.
Although Georgia's unemployment rate increased in December, the rate of job loss is starting to slow. In November, Georgia was ranked the third highest state in terms of the number of jobs lost. In December, Georgia was ranked seventh. Only California, Texas, Illinois, Ohio, Wisconsin, and Michigan lost more jobs than Georgia did.
North Dakota finished out the year with the lowest unemployment rate, at 4.4 percent. Michigan finished out the year with the highest unemployment rate, at 14.6 percent. Michigan's unemployment rate in December was a vast improvement over the 15.5 rate the state had experienced over the previous two months. Its rate of job losses are beginning to slow.
Encouraging economic news was released yesterday by the Conference Board as well. The Conference Board reported that its Index of Leading Economic Indicators increased by 1.1% in December, which exceeded expectations. This index has improved for nine straight months, giving us reason to believe that the worst economic conditions might now be over.
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