Posts filed under “Employment”

A Closer Look at Unemployment

Source: BLS
Source: BLS

 

This is a fascinating chart from the Bureau Labor Statistics looking at the state-by-state unemployment rates. We know the national jobless rate is down to 6.3 percent and this chart lets us see how that is distributed nationally.

At the BLS site, and you can click through the chart and see unemployment rates over the past decade or you can mouse over any state and a pop-up tells you what the state’s unemployment rate is.

The states with the highest unemployment rate are Nevada (8 percent) and Rhode Island (8.3 percent). Nevada was hit especially hard by the housing collapse and Rhode Island has been fighting a loss of manufacturing industries, fishing and tourism woes, high taxes and a state government some observers have described as corrupt. Illinois comes in third (7.9 percent) — its deficit issues and pension headaches are well known — and California is fourth (7.8 percent).

On the other end of the spectrum there are a handful of Midwestern states enjoying the benefits of a huge energy boom. Oil and natural gas have driven unemployment down to 2.6 percent in North Dakota — the lowest in the nation. Nebraska (3.6 percent), Wyoming (3.7 percent), South Dakota (3.8 percent), and Utah (3.8 percent) round out the well-employed region.

There’s no oil in Vermont, but at 3.3 percent, it has the second-lowest unemployment rate in the nation. The state’s ski areas, and leisure and hospitality industry are benefiting from the improving economies in nearby Boston and New York City.

Category: Data Analysis, Digital Media, Employment

Hysteresis in Unemployment and Jobless Recoveries

Category: Data Analysis, Employment, Think Tank

College ROI

click for larger graphic Source: Radio Open Source   When it comes to paying for college, lots of people are asking “why does it cost so much, and it is it worth it in the end?” Radio Open Source has a scattergram chart above that helps answer the question. It shows the increasing cost on…Read More

Category: Employment, Markets, Wages & Income

About That Labor Force Participation Rate . . .

@TBPInvictus here: On April 17, 2012, North Carolina Congresswoman Virginia Foxx stood before her colleagues in the House of Representatives and said (emphasis mine): Ms. FOXX. Mr. Speaker, the March employment report continues to show us that the Federal Government has not been helping to create jobs in our economy. A Wall Street Journal editorial…Read More

Category: Current Affairs, Cycles, Data Analysis, Economy, Employment, Politics

Earnings Growth Upturn Masks Labor Market Weakness

Lakshman Achuthan is co-founder and managing director of the Economic Cycle Research Institute (ECRI), an independent organization focused on business cycle analysis and forecasting in the tradition established by ECRI’s co-founder, Geoffrey H. Moore. ECRI maintains business cycle chronologies for 20 countries around the world other than the U.S. Lakshman is the managing editor of…Read More

Category: Data Analysis, Employment, Think Tank

May 5, 2014 The Media’s Reporting of the April Unemployment Rate – A Little Knowledge Can Be Dangerous Economists have “trained” the media to quickly check out what has happened to the labor force when the unemployment rate declines. If the unemployment rate drops and so, too, does the labor force, then the decline in…Read More

Category: Data Analysis, Employment, Financial Press, Media

No job, no house, no kids: Welcome to the millennials

Source: Merced Sun-Star   Continues here

Category: Economy, Employment, Wages & Income

Possible NFP Headlines

I love this set of headlines from Neil Irwin: Source: NY Times   We have spent a lot of columns arguing that NFP should be mostly ignored by traders, but Irwin does a masterful job showing the varied responses the BLS model creates to what is eesentially the same exact data. Be sure to see…Read More

Category: Data Analysis, Digital Media, Employment, Financial Press

Work harder. Retire Later. Live Longer.

I thoroughly enjoy the regular polls that Gallup releases. I am aware of all the flaws and pitfalls of these surveys. Indeed, each new sample provides an opportunity to sharpen one’s statistical cynicism. Sometimes, however, they offer insights into specific aspects of the American psyche, helping to clarify my thinking about societal, economic and market…Read More

Category: Data Analysis, Employment

Net Employment Change by Major Industry, February 2010 to March 2014

Source: National Employment Law Project   I really like this bubble chart. I saw it last night in a report from the National Employment Law Project titled: “The Low-Wage Recovery: Industry Employment and Wages Four Years into the Recovery.” Interestingly, the data has provoked opposing reactions from two media outlets. The Washington Post’s Wonkblog used…Read More

Category: Employment, Wages & Income