- US: IIP (Q4)
- Zambia: BOP (Q4); Israel: Credit Card Purchases (Feb); UAE: CPI (Feb); Saudi Arabia: GDP (Q4-Prelim)
- Hungary: Employment (Feb); Bulgaria: Business Survey (Mar); Kazakhstan: Consolidated Budget (Feb)
- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar); Iceland: PPI (Feb)
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Economy in Brief
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller January 25, 2017
The increase in the overall unemployment rate to 4.7% during December reflects a range of state unemployment rates from a high of 6.7% in Alaska to a 2.8% low in both Massachusetts and South Dakota.
Alaska's jobless rate continued to top the chart at 6.7%. That was below October high of 6.9%, but up from 6.4% early in 2015. The level of unemployment eased 0.3% during the last twelve months versus a 1.4% decline in the labor force. Alabama also registered a high unemployment rate at 6.2%, up from its 5.4% September low. Unemployment has risen 1.5% y/y. Two large states at the high end of the scale were Illinois (5.7%) and Pennsylvania (5.6%). Employment in the Keystone state held steady y/y, while unemployment rose by nearly one quarter y/y.
At the bottom of the state unemployment tally were small states including South Dakota at 2.8%, even though it had just 0.7% y/y employment growth. The 2.8% unemployment rate in Massachusetts was the lowest since 2000, and reflected a a 42.0% y/y decline in unemployment. Maine's low 3.8% unemployment rate brought with it 3.2% jobs growth and a 3.3% y/y decline in unemployment.. Another large state with low unemployment was Minnesota at 3.9%, but employment declined 1.4% y/y. The labor force similarly fell 1.2% y/y. Finally, Virginia's low 4.1% jobless rate brought with it just 0.9% y/y growth in jobs, set against a 0.4% rise in unemployment.
Unemployment amongst other states similarly varied greatly. Unemployment in New Jersey at 4.7% reversed much of its recent increase. Unemployment dropped 2.2% y/y, but the labor force fell 0.5% y/y. In Texas, the jobless rate of 4.6%, reflected a 2.3% y/y rise in employment, but a 2.3% y/y increase in unemployment. On the bright side of the unemployment spectrum was Massachusetts. Its jobless rate of 2.8% was down from 8.8% in January 2010. As of December, unemployment declined 42.0% y/y while employment rose 3.3% y/y.
Within large cities, unemployment in and around Los Angeles of 5.0% was below the state's average of 5.2% due to 3.9% growth in employment versus the state's 2.8% y/y gain. New York City's unemployment rate fell to 5.2%, compared to 4.9% in the state, as the number of unemployed fell 0.4% y/y, but the labor force declined 1.4% y/y. Around Chicago, the jobless rate of 5.9% compared to Illinois' average of 5.7%, but employment grew just 0.5% y/y. Near Seattle, the 3.7% unemployment rate was below the state's average of 5.2% as employment grew 5.2% y/y, and the size of the labor force rose 3.9% y/y.
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|