UNEMPLOYMENT / DEC. 24, 2014
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Unemployment Decreases in 41 States in November

The Department of Labor released its monthly Regional and State Employment and Unemployment report for November 2014 on Friday (December 19), and found that the US unemployment rate has fallen in 41 states, representing a healthy grow in national job gains.

An estimated 321,000 jobs were added last month, totaling 2.7 million this year – the most since 1999.

California saw the highest over-the-month increase in nonfarm payroll employment with an estimated 90,100 new jobs, followed by Florida with 41,900 and Texas with 34,800.

West Virginia lost the most jobs at 5,200, followed by Mississippi with 4,500 and Kansas with 4,100.

North Carolina saw a significant decrease in unemployment at 5.8%, 0.5% less than October and 1.4% less than November of the previous year. It was followed by Delaware, Georgia, Maryland and Michigan, which all saw a 0.4% decrease from October.

The report found that North Dakota had the lowest unemployment rate at 2.7%, largely due to an on-going oil boom since 2006. Mississippi had the highest of any other state at 7.3%, while the District of Columbia had an unemployment rate of 7.4%, and Puerto Rico, a US unincorporated territory, 14%.

The national jobless rate remains unchanged from October at 5.8%, when it reached its lowest in almost 6.5 years after the 2008 financial crisis. However, it declined by 1.2% in comparison to November of last year. Even more optimistic, the US unemployment rate fell 4.4% since October 2009 when it peaked at 10.2%.

Regional unemployment decreased in all four regions from November 2013. The unemployment rate in the Midwest fell from 6.9 to 5.4%, while it decreased by 1.3% in the Northeast from, 1.2% in the West, and 0.8% in the South.

Meanwhile, the Bureau of Labor Statistics issued a news release on December 17 and reported that US employees earned an average $853.24 per week in November, signifying a 0.6% increase from October from $847.67. The average weekly earnings also rose by $20.06 from November 2013.

The gradual fall in the US unemployment rate and increase in wages are contributing to a recovering labor market, while employers are expected to add more jobs in December.

President Barack Obama’s unemployment plan, meanwhile, has been compared to that of Ronald Raegan’s. Both presidents have lowered the US unemployment rate by 4.1% within their first 69 months in office.

The average unemployment rate between 1948 and 2014 was 5.83%, and reached its highest in November 1982 (10.8%) and lowest in May 1953 (2.5%).

Image source: iStock

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