Tuesday, January 27, 2009

Unemployment rose in every state in December 2008

You know you are in a bad recession when this MSNBC News story comes up:

WASHINGTON - Rising unemployment spared no state last month, and 2009 is shaping up as another miserable year for workers from coast to coast.

Jobless rates for December hit double digits in Michigan and Rhode Island, while South Carolina and Indiana notched the biggest gains from the previous month, the Labor Department said Tuesday. A common thread among these states has been manufacturing industry layoffs tied to consumers' shrinking appetite for cars, furniture and other goods.

With tens of thousands of layoffs announced this week by well-known employers such as Pfizer Inc., Caterpillar Inc. and Home Depot Inc., the unemployment picture is bound to get worse in every region of the country, economists say.

"We won't see a light at the end of the tunnel until 2010," said Anthony Sabino, a professor of law and business at St. John's University.

The number of newly laid off Americans filing claims for state unemployment benefits has soared to 589,000, while people continuing to draw claims climbed to 4.6 million, the government said last week. There's been such a crush that resources in New York, California and other states have run dry, forcing them to tap the federal government for money to keep paying unemployment benefits.

Aside from manufacturing, jobs in construction, financial services and retailing are vanishing — casualties of the housing, credit and financial crises.

Here are the states with the highest and lowest unemployment rates for December 2008. California's unemployment rate jumped to 9.3 percent, making it the fourth highest unemployment rate for December.

States with the highest unemployment rates in December 2008:

1. Michigan, 10.6 percent
2. Rhode Island, 10 percent
3. South Carolina, 9.5 percent
4. California, 9.3 percent
5. Nevada, 9.1 percent
6. Oregon, 9 percent
7. District of Columbia, 8.8 percent
8. North Carolina, 8.7 percent
9. Indiana, 8.2 percent
10. Florida, 8.1 percent

States with the lowest unemployment rates in December 2008:

1. Wyoming, 3.4 percent
2. North Dakota, 3.5 percent
3. South Dakota, 3.9 percent
4. Nebraska, 4 percent
5. Utah, 4.3 percent
6. Iowa, 4.6 percent
7. New Hampshire, 4.6 percent
8. New Mexico, 4.9 percent
9. Oklahoma, 4.9 percent
10. West Virginia, 4.9 percent

Tomorrow, the House Democrats will take up President Obama's $825 billion economic stimulus package for debate and possibly a vote.

No comments:

Post a Comment