Unemployment up in 27 States

Discussion in 'Economy' started by Nova78, Jul 20, 2012.

  1. Nova78
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    Nova78 Silver Member

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    Most US states trail pre-recession job levels | Comcast

    Three years since the recession ended, 43 states have yet to regain the jobs they lost in the downturn. The figure is a reminder of how weak the nation's job market remains.

    The states that are the furthest behind in job growth are those that were hit hardest by the housing bust: Arizona, Florida and Nevada.

    Overall, the U.S. economy has 3.5 percent fewer jobs than it did before the Great Recession, which began in December 2007. The national unemployment rate has been stuck at 8.2 percent.

    As slow as the recovery in jobs has been, a few states are doing quite well. Seven have more jobs now than before the recession. Some — North Dakota, Texas and Alaska — are benefiting from an oil boom.

    But most states have lagged behind.

    "Except for these energy-producing states, everywhere there's still this caution in terms of hiring," Steve Cochrane, a regional economist at Moody's Analytics, said.

    Last month, unemployment rates rose in 27 U.S. states, the most in almost a year.

    Unemployment rates fell in 11 states — the fewest since August — and were unchanged in 12, the Labor Department said Friday.

    Nevada had the nation's highest unemployment rate in June at 11.6 percent. The state also had 12.4 percent fewer jobs than before the recession, the biggest percentage of jobs lost of any state.

    The state is still reeling more than four years after the housing market went bust.

    And Obama says the private sector is doing fine ,what a clown......

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  2. Oddball
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    Oddball BANNED Supporting Member

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    What about the other 30 states?
     
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  3. Widdekind
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    Widdekind Member

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    economist Mike Konczal argues, that indebted homeowners, paying down debts, instead of spending into the economy, slows the economy's growth & recovery. What if local governments bought their debts, by issuing bonds to (borrowing from) wealthy investors. Then spending would increase, local (sales) tax revenues would increase, and the local governments could pay back their bonds. Meanwhile, the economy would grow, jobs would be generated.
     

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