Unemployment Rates Continue to Shock Doom-and-Gloomers
Unemployment rates are one measure of how well the economy is recovering, and 40 states experienced a drop in unemployment rates last month. This was the greatest drop since last November. In April, 165,000 jobs were added across the country, and the unemployment rate fell to a low of 7.5 percent, which is the lowest rate since December 2008.
On Friday, the Labor Department said that only three states increased unemployment rates: Louisiana, North Dakota, and Tennessee. Seven states had their unemployment rates stay the same.
Many jobs have been created due to the housing recovery. In Texas, 41.500 construction jobs were created in the last year. These jobs have helped Texas become the country’s leader in job growth. The state has an unemployment rate of 6.4 percent, which was the same as in April but down from 7 percent a year before. Texas added 33,100 jobs last month and 326,100 jobs over the past 12 months.
New York gained 25,300 jobs in April, which was the second largest job increase among the states. In the past year, the state has added 111,600 jobs, which helped push the state’s unemployment rating down from 8.2 percent in March to 7.8 percent. Part of this decline was due to people who stopped looking for work, which was no longer counted in the unemployment rate.
Nevada had the highest unemployment rate in April at 9.6 percent, but it also had the biggest drop in unemployment rate as it dropped from 10.7 percent over the course of a year. Although many people in Nevada simply gave up looking for work, part of that decline is also because of 22,700 jobs that had been added in the last year.
It is also important to consider the unemployment rates of the states. Even though North Dakota’s unemployment rates increased, at 3.3 percent, it had the lowest jobless rate. The state’s unemployment rating has continued to be low because of the oil and gas boom there. The drop in unemployment rates points to how the job market is improving around the country.
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