- New Zealand: International Trade (Feb)
- Korea: Consumer Survey Index (Mar); Philippines: Public Finance (Jan)
- Weekly: **Initial Claims Data Revisions Completed**
- Euro area: Flash Consumer Confidence Indicator (Mar)
- US: New Residential Sales (Feb)
- Belgium: Business Survey (Mar)
- Uruguay: GDP (Q4)
- more updates...
Economy in Brief
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller May 23, 2016
The overall U.S. unemployment rate has averaged 5.0% since Q4 of last year, half its late-2009 peak. For all of 2015, the 5.3% jobless rate was down roughly two percentage points from 2014. Despite the overall decline great variation amongst individual states continued.
In the latest report for April, California's 5.3% jobless rate was less than half the 12.1% peak averaged during 2010. Unemployment in Illinois of 6.6%, though up of late, was down from the peak of 10.3% averaged both in 2009 and 2010. The jobless rate in Texas has been fairly stable since early last year near 4.5%, but remained down versus the 2008 average high of 8.4%. In Tennessee, last month's 4.3% rate compared to the 2009 average high of 10.6%. New York's unemployment rate of 4.8% compared to the 2009 peak of 8.9%.
Amongst mid-sized states, Michigan showed perhaps the greatest degree of reduced joblessness in the country. It's 4.8% rate was down from 6.4% at the end of 2014, but roughly one-third of its 13.8% peak in 2009. New Jersey's 4.7% rate of joblessness compared to 9.5% averaged in 2010, while Virginia's rate at 3.9% was below the 7.0% peak in 2010. Amongst smaller states, Vermont's decline in the unemployment rate resumed this year and fell to 3.2%, compared to a high of 7.0%. Connecticut's has backed up a bit to 5.7%, yet it's still below the 9.1% for all of 2010. South Dakota's rate fell to 2.5% from the 5.0% peak.
Increased unemployment, however, occurred in several states last month such as Ohio where its 5.2% jobless rate was up from the 4.6% low. Illinois' recent 6.6% rate was higher than 5.8% nine months ago. Pennsylvania's 5.3% jobless rate was up from 4.6% as recently as February. North Dakota's rate of 3.2% was up from the 2.7% low.
The unemployment rate figures in individual metropolitan areas continued, in most circumstances, to differ widely from the state numbers. Florida's 4.8% unemployment rate was below the 5.5% in the Miami metro area, although Miami's rate was down from 11.1% average in 2010. Michigan's 4.8% jobless rate also was under the 5.6% jobless rate around Detroit. In 2009, it averaged 15.0%. New York state's 4.9% unemployment rate was below the 5.4% rate in New York City, while California's 5.3% rate roughly equaled the 5.1% around Los Angeles. Also close to one another were Illinois' unemployment rate of 6.6% and Chicago's 6.5%, both of which have risen lately. Ohio's 5.2% rate equaled Cleveland's rate of joblessness. Working the other way were Washington state's 5.8% jobless rate which exceeded Seattle's 4.8%, which also has moved up.
State unemployment figures are available in Haver's EMPLR database.
Total U.S. Unemployment Rate
Ten States With Highest Jobless Rate
|Ten States With Lowest Jobless Rate|
|Jobless Rate In Other Selected Large States|