On Friday Dec 17th, 2010 the Bureau of Labor Statistics (BLS) released their monthly State and Regional Unemployment report for the month of November, 2010.
New York State’s unemployment rate has not changed as the months of September, October and November 2010 reported 8.3%, 8.2% and 8.3% respectively.
During the financial crisis the highest rate of unemployment reached in NY State was 8.9% in December 2010 after bottoming at 4.3% in March 2007. To put this situation in perspective, during the recession of the early 1990’s NY State’s unemployment rate peaked at 8.9% in July of 1992 and reached 8.3% by February of 1993 and bottomed at 4.3% in March of 2001.
In this report 21 states and the District of Columbia reported an increase in their respective unemployment rates from the month of October. Georgia and Idaho reported the largest monthly increases of 0.3% each. The current unemployment rates for Georgia and Idaho are 10.1% and 9.4% respectively.
15 states reported a decrease in unemployment led by Michigan and Pennsylvania with -0.4% and -0.2% respectively. Both states reported their November unemployment rates at 12.4% and 8.6% respectively.
14 states experienced no change. On Dec 3rd, the BLS reported an increase in the rate of unemployment (technically known as the U-3 rate) from 9.6% to 9.8%. For more information on the six definitions of unemployment please read "Redefining the unemployment rate".
Nevada still holds the title of the highest unemployment rate at 14.3%. The three next top states are California and Michigan both at 12.4% and Florida at 12%. North Dakota, South Dakota and Nebraska are reporting the lowest unemployment rates at 3.8%, 4.5% and 4.6% respectively.
In reviewing the unemployment rate on a year over year basis, 28 states and the DC reported decreases in their unemployment rate. 17 states experienced increases and 5 states have not changed from Nov 2009.
Of the four regions of the country only the Midwest saw a significant decrease of -0.1% at 9.1% in November. On a yearly basis the Midwest and the Northeast saw decreases of -0.8% and -0.5% respectively. The Northeast reported their unemployment rate at 8.5% in November. The South and West regions reported November unemployment at 9.2% and 10.9% respectively.
The BLS reports alternative definitions of state unemployment on a quarterly basis. The most recent report of the U-6 level of unemployment is an average from the third quarter 2009 to the second quarter of 2010. The national U-6 unemployment at that time was 16.8% and the NY rate at 14.8%.
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