State Labor Markets in February 2024
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State labor markets were at best mixed in February. Only four states had Eight states had statistically significant gains in payrolls (Illinois, Iowa, Michigan, and Texas—Iowa was the only one with an increase larger than ½ of one percent). The other states, and DC, had no signicant change, with numbers showing point declines.
Three states had statistically significant increases in their unemployment rates in January, while three had significant declines. The largest move was an increase of .3 percentage point in Rhode Island. The highest unemployment rates were in California (5.3%), Nevada (5.2%) and DC (5.1%). No other states had unemployment rates of 4.9% (one point above the national rate) or higher. Maryland, Massachusetts, Minnesota, Nebraska, New Hampshire, North Dakota, South Dakota, Utah, Vermont, and Wyoming had rates of 2.9% or lower, with North Dakota at 2.0%.
Puerto Rico’s unemployment rate remained at 5.7 percent, with the island’s job count little-changed.
Charles Steindel
AuthorMore in Author Profile »Charles Steindel has been editor of Business Economics, the journal of the National Association for Business Economics, since 2016. From 2014 to 2021 he was Resident Scholar at the Anisfield School of Business, Ramapo College of New Jersey. From 2010 to 2014 he was the first Chief Economist of the New Jersey Department of the Treasury, with responsibilities for economic and revenue projections and analysis of state economic policy. He came to the Treasury after a long career at the Federal Reserve Bank of New York, where he played a major role in forecasting and policy advice and rose to the rank of Senior Vice-President. He has served in leadership positions in a number of professional organizations. In 2011 he received the William F. Butler Award from the New York Association for Business Economics, is a fellow of NABE and of the Money Marketeers of New York University, and has received several awards for articles published in Business Economics. In 2017 he delivered Ramapo College's Sebastian J. Raciti Memorial Lecture. He is a member of the panel for the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters and of the Committee on Research in Income and Wealth. He has published papers in a range of areas, and is the author of Economic Indicators for Professionals: Putting the Statistics into Perspective. He received his bachelor's degree from Emory University, his Ph.D. from the Massachusetts Institute of Technology, and is a National Association for Business Economics Certified Business EconomistTM.
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