14 US states hit record-low jobless rates as US economy enters 107th month of expansion, second longest in US history
AEIdeas
From The Hill:
Fourteen states have set new records for low unemployment rates in the last year, nearly a decade after the recession put millions of Americans out of work. The states hitting new unemployment lows run the ideological gamut, from conservative Texas to liberal California, suggesting a recovery stronger than any particular political persuasion. In March, eight states saw new record lows (see table above), including Hawaii (2.1%), Idaho (2.9%), Kentucky (4%), Maine (2.7%), Mississippi (4.5%), Oregon (4.1%) and Wisconsin (2.9%).
California also set a new record last month. The Golden State’s unemployment rate stands at 4.1%, according to the Bureau of Labor Statistics (BLS). That’s the lowest rate recorded since BLS began keeping track of state-level unemployment figures in 1976, and it’s a third of the 12.3% unemployment rate California notched at the height of the recession in December 2010. Colorado’s unemployment rate is just 2.6%, among the lowest in the nation, and a third of the 8.9% peak it hit in 2010. In Alabama, just 3.7% of workers are unemployed.
Arkansas reached a 3.6% unemployment rate last May, its lowest rate ever. North Dakota set its own record last year. Texas hit a 3.9% unemployment rate in November, after peaking at 8.3% during the height of the recession. Tennessee fell to the lowest unemployment rate it has ever measured, 3.3 percent, in January. Hawaii’s unemployment rate is the lowest in the nation. Idaho, Iowa, Maine, Nebraska, New Hampshire, North Dakota and Wisconsin all have unemployment rates lower than 3%.
MP: Related important economic milestone — this month, April 2018, marks the 107th month of the current economic expansion that started in June 2009, which surpasses what was previously the second longest economic expansion in US history of 106 months from February 1961 to December 1969. So assuming that the strong economic performance continues, as the record low jobless rates in 14 states suggest it will, we are now officially experiencing the second longest economic expansion in US history. If the current economic and job growth continue into next year, which seems pretty likely barring a major trade war or other major economic/political risks that would derail the expansion, June 2019 will be the 121st month of the current expansion and will break the previous record 120-month expansion from March 1991 to March 2001. But for now, the two important economic milestones outlined above of record jobless rates in more than one out of four US states and surpassing the previous 106 month record for the second longest uninterrupted period of economic expansion in US history are several good reasons to celebrate the strength of the US economy!
Note: President Trump can perhaps take some credit for the strong US economy, but he should also realize that his incessant claims that merchandise trade deficits sap the economic strength of America as countries like China steal all of our jobs are pretty hollow and without a strong basis in reality.
California unemployment historical low. Manufacturing has recovered. Top notch tech companies dominate. Most of the California cities are dominating the tech startup scene. Of course, due to their high income they are pushing away middle class people out of the state. Even though, I am from FL, I cannot but envy the natural beauty of the state. It has varied Geography.
You’ve been whining about the lack of manufacturing for months now and here you are, saying it has recovered?
It’s a miracle!
Well, if you look at the U-6 rate, that’s closer to 8%, and the overall employment rate for working age people is still down from what it was 1990s-2000s, so there is a little bit of scope for continued improvement.
On the other hand, low unemployment rates typically precede recessions. And if this is the 2nd longest expansion ever, that entails we are probably overdue for another recession. If those rates start ticking up, look out below…
Overall working age employment rate will be lower than in 90s. Reason is many are in college doing further studies. Also, many in late 50s and early 60s are retiring early due to Obamacare. Premium makes healthcare affordable.
In what universe have insurance premiums gone down?
What was meant here was the fact that the insurance is available for those with pre-existing conditions. It turns out the old high risk pools were never funded sufficiently to ensure that everyone could use them.
” Also, many in late 50s and early 60s are retiring early due to Obamacare. Premium makes healthcare affordable.”
According to the New York Times…
While Premiums Soar Under Obamacare, Costs of Employer-Based Plans Are Stable
In sharp contrast to the soaring health insurance premiums in many Affordable Care Act marketplaces, the cost of coverage for the vast numbers of people who get insurance through their jobs rose relatively little this year, continuing a period of remarkable stability in the employer market, according to a national survey released Tuesday.
The annual premium for family coverage rose an average of 3 percent to $18,764 this year, according the Kaiser Family Foundation, a nonprofit group, which conducted the annual survey of employers.
But it is a calm environment compared to the marketplaces where individuals shop for coverage under the Affordable Care Act. While fewer than 20 million Americans buy their own insurance, the tribulations of the individual market have captured most of the public’s attention. The average cost of a benchmark plan in the individual market rose 20 percent this year, according to Kaiser, as insurers tried to stem their losses.
Most of these have Republican governments.
And 9 out of 14 (almost 2/3) are Right-to-work states.
And 6 of the states have a smaller labor force.
True. Obama provided a solid foundation.
ROFLMAO!
To paraphrase Obama, “He didn’t build that”
California is the land of the “gig economy.” LOTS of part-time workers.
Remember that if you work ONE hour per week, you are considered “employed” by the BLS.
The CA unemployment rate (Dec, 2017) has improved significantly. We are now ranked 30th (still below average, but approaching average) – 4.3%. National unemployment rate is 4.1%. The CA unemployment rate is 5.6% higher than the average of the other 49 states.
http://www.bls.gov/web/laus/laumstrk.htm
and
https://www.bls.gov/news.release/empsit.nr0.htm
But using the lagging yet arguably more accurate U-6 measure of unemployment (includes involuntary part-time workers), CA is the 6th worst state – 9.8% vs. national 8.5%. National U-6 not including CA is 8.3%, making CA’s U-6 17.7% higher than other states. http://www.bls.gov/lau/stalt.htm
Don’t misread the chart above. These are NOT the 14 states with the best (lowest) unemployment rates.
As the chart clearly reveals, it’s 14 states who are pushing or hitting THEIR historically low rates.
For instance, California’s unemployment rate is WORSE than the average state.
CA unemployment rate (March, 2018) has improved significantly. We are now ranked 28th (approaching average) – 4.3%. National unemployment rate is 4.1%. The CA unemployment rate is 5.6% higher than the average of the other 49 states.
http://www.bls.gov/web/laus/laumstrk.htm
and
https://www.bls.gov/news.release/empsit.nr0.htm
To see the states ranked by unemployment rate (remembering that working one hour a week makes one “employed”), go to this URL updated monthly by the BLS:
https://www.bls.gov/web/laus/laumstrk.htm
I wonder how many people are actually working only one hour/wk?
Reported hours, ,that is.
Very little of California’s success has to do with pubic policy. Much of its success, especially in the Bay Area, has to do with the benefits of clustered resources involving both expert labor and institutional support. Much of California’s challenges have mostly to do with it being a geographical paradise. To enable its paradise status, it must meet the challenges of a perfect climate, which leads to air pollution, needing regulation, and stoop labor agriculture, needing off season social support offsets and in season work authorization lenience.
Also, extensive water transport infrastructure needed, because it’s a desert.
“Trump can perhaps take some credit” is Mark-speak for “Trump has been absolutely killing it bro. Total saviour !”
Yep, I agree. I agree.
TRUMP – HE IS MY MAN
“The majority of the expansion and essentially all the trend lines date to the previous administration.
LOL.
Then: the economy will never recover under Trump.
Now: Thanks, Obama!
The economy had already largely recovered
underin spite of Obama. Fixed it for ya.The idea that a community organizer parasite who never had a real job somehow orchestrated a recovery is beyond delusional. A good example of his magic touch is his war on fossil fuels even while fracking industry growth exploded. This isn’t to say Trump is better at steering the economy either simply because that’s not how it works. President’s policies have an effect but are but one of many inputs.
Actually, our statement was accurate. We ascribed no agency to the result.
Riggght. You weren’t trying to give Obama credit for anything. I believe that like I believe a committee are typing out your responses.
“President Trump can perhaps take some credit for the strong US economy”
It must be hard for an ivory tower academic who has never owned a business, nor directly created a job, to admit a man who has successfully employed tens of thousands (possibly hundreds of thousands) running billion dollar businesses for over half a century, particularly since that person isn’t the right kind of person, i.e., a member of the elitist tribe who see themselves a global citizens above petty politics and course nationalism. The best part of that is tribalism is tribalism, regardless of whether or not you are a nationalist or a globalist, but globalists like to deny they are tribal.
“President Trump can perhaps take some credit for the strong US economy, but he should also realize that his incessant claims that merchandise trade deficits sap the economic strength of America as countries like China steal all of our jobs are pretty hollow and without a strong basis in reality.”
Interesting note, considering that with record low unemployment the trade deficit has also been cut in half. Trade restrictions against American goods has also been reduced significantly in many countries after Trump threatened tariffs, now some 20 countries are allowing more American goods in than before.
Per this blog, reduced trade deficit and more fair trade, should result in a massive recession. Interesting how it isn’t happening.
“Per this blog, reduced trade deficit and more fair trade, should result in a massive recession.”
I must have missed that claim. Can you post a link to it?