Unemployment Rates Declined In 20 States In The US

With more than half of the states in the US increased putting efforts on increased hiring and adding jobs, unemployment rates in various states have significantly decreased in the month of May. According to the recent report by the Labor Department, unemployment rate have successfully declined in 20 states for the last month. United States is now reaping the positive effects of solid hiring implemented for the previous 4 consecutive months.

Illinois experienced the biggest drop in unemployment rate from 7.9% down to 7.5% last month. Massachusetts’s unemployment rate significantly dropped as well from 6% to just 5.6%.

According to the Labor Department, 36 states have increased hiring while 14 states have low hiring this year. For 4 straight months, jobs have increased by more than 200,000 jobs available and 217,000 jobs opened specifically for the month of May.

However, the nationwide unemployment rate is still at 6.3%, which has been the same for the past 5 years. This is because some of the states experienced increase in unemployment rate. Based on the Labor Department report, unemployment rates increased in 16 states while 14 states have the same unemployment rate last month. The highest increased occurred in the state of Georgia with unemployment rate up by 7.2% from 6.9%.

According to experts, some states experienced decline in unemployment rate despite the low job hiring because some unemployed people are just giving up job hunting. Technically, people are only categorized as unemployed if they are actively hunting for jobs. Those who are not actively looking are not counted as unemployed.

On the other hand, some states experienced low decline in their unemployment rate or none at all, despite the increased job hiring because of the separate surveys. Some surveys for job gains are gathered from surveying businesses while the information on unemployment rate are derived from surveys conducted in households causing job figures and unemployment rate to diverge.

Although figures may even out over time, the different source of surveys can sometimes lead to different results.

One basic example of this discrepancy is the state of Illinois. Based on the survey conducted on job businesses, employers revealed that they experienced a bit of a job loss. However, survey on households revealed that 9,000 more people were actually employed in the same month. The different surveys resulted in the decline in unemployment rate in Illinois despite the job loss reported by some employers.

Among the states in America, North Dakota has the lowest unemployment rate of just 2.6%. Next is the state of Vermont with only 3.3% of unemployment rate. The highest unemployment rate so far is reported for the state of Rhode Island with unemployment of 8.2% followed by the state of Nevada with an unemployment rate of 7.9%.

0.1% Increase In Florida’s Unemployment Rate

Unemployment in the US has been problematic but the unemployment rate of Florida increased slightly by 0.1% from February 2014 to March 2014. Although, there has been no change in the Hillsborough County’s unemployment rate during March 2014. Pinellas County’s unemployment rate dropped by 0.1 percent in March but Pasco County remains unchanged at 7.2 percent.

University of Florida’s economist, Sean Snaith, is a member of a few national forecasting panels. These include The Wall Street Journal Economic Forecasting Survey and the Federal Reserve Bank of Philadelphia’s Survey of Professional Forecasters. Snaith said recently that focusing on a single metric to gauge the health of the labor market could unfortunately lead to a faulty assessment.

There are a few factors influencing the current labor market such as the number of new jobs available, the number of workers pursuing new jobs, and industry-related trends. Another indication of the unemployment rate is the drop in sales for Miami homes in the past months. There are more sellers than buyers of Miami real estate which can correlate to the unemployment rate in the area.

Snaith has reported recently that the March employment report actually reflects the recovery of Florida’s labor market, which steadily outruns the recovery of the national labor market. He also stated that the unemployment rate would not be so easy to bring down.

In the last year Floridians have seen a lead in both percentage, 11.5 percent, as well as 41 000 new jobs. Nearly 20 000 jobs have been created between February and March.

Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area showed an increase of 9000 more jobs last month compared to that of March 2013 in the professional and service jobs. Trade transportation and utilities followed with 6400 new jobs. Manufacturing, education, and health services at increased by 41 000 new jobs.

Florida’s unemployment rate was at a high of 9.3 percent while Fort Walton Beach-Destin area was at its low of 4.8 percent. With these results, hopes are high with a better future waiting for Floridians.