Unemployment rate falls in most states as workforces shrink; job creation weakens
WASHINGTON (AP) — The unemployment rate fell in most states in June, mainly because more people gave up searching for work and were no longer counted.
Fewer states saw job increases, the latest evidence that the economic recovery is slowing.
The jobless rate declined in 39 states and Washington, D.C. last month, the Labor Department said Tuesday. That’s a slight improvement from May, when 37 states saw their rates decline.
But only 21 states saw net job gains in June, the government said. That compared to 41 the previous month and is the fewest this year.
The decline in job creation reflects the layoff of thousands of temporary census workers. Those jobs inflated total payrolls in May and then reduced them in June.
Still, the report also indicated that businesses aren’t hiring many new workers. Nationwide, private employers added a net gain of only 83,000 jobs last month. The national unemployment rate dropped to 9.5 percent in June from 9.7 percent the previous month, as about 650,000 people stopped looking for work.
New York’s unemployment rate fell to 8.2 percent from 8.3 percent the previous month. But the state lost 8,500 private-sector jobs, the second-straight decline in private employment. California’s unemployment rate also declined, but the state gained just 1,300 private-sector jobs.
Wisconsin, meanwhile, saw its jobless rate fall to 7.9 percent from 8.2 percent the previous month. But the state’s work force fell by 13,600, suggesting the decline was the result of people giving up job hunts. Furthermore, the state lost 1,000 private-sector jobs last month.
Nevada, battered by a housing slump and a drop in tourism, posted the nation’s highest unemployment rate of 14.2 percent. That’s the state’s highest since records began in 1976.
In May, Nevada displaced Michigan from the top spot for the first time in more than four years. Michigan’s unemployment rate fell to 13.2 percent in June, the nation’s second-highest. It was followed by California with 12.3 percent and Rhode Island with 12 percent.
The report did include some bright spots. New Hampshire reported the largest drop in unemployment, to 5.9 percent from 6.4 percent. That was due in part to a net gain of 1,900 jobs.
The state added jobs in manufacturing, education and health services, and professional and business services, which includes temporary jobs.
Texas, Kentucky, Arkansas, Louisiana and North Carolina reported the largest job gains last month.
Texas added 14,000 jobs, with big gains in manufacturing, construction and professional and business services. Kentucky gained 6,200 jobs, mostly in manufacturing, construction and education and health services.
North Dakota continued to post the lowest unemployment rate, with 3.6 percent. It was followed by South Dakota at 4.5 percent and Nebraska at 4.8 percent.
Christopher S. Rugaber, AP Economics Writer, On Tuesday July 20, 2010, 12:05 pm
This thing was constructed by
.
Jim has worked as a Portfolio Manager & Financial Advisor since 1996. In May 2005, Jim founded WHI Financial Services, LLC, WHIFinancial.com, a Registered Investment Advisory firm, with headquarters in Texas. His primary focus is on portfolio management, financial & retirement planning, and financial advisory & insurance services. Jim manages investment portfolios & advises individuals, small to mid-size companies, and non-profit organizations on a variety of financial and business issues.
Prior to founding WHI Financial Services, LLC, Jim worked as a portfolio manager & financial advisor for two international investment firms. From 2001 to 2005, Jim worked with Prudential Securities (merger with Wachovia Securities, now Wells Fargo Financial Advisors), and from 1996 to 2001, he was working with Merrill Lynch. While working with both Wachovia Securities and Merrill Lynch, Jim enjoyed dual responsibilities as a portfolio manager, financial advisor and leader of the Professional Development Program.
Jim's responsibilities as leader of the Professional Development Program included, recruiting, interviewing, training, and overseeing the daily operations of all financial advisors involved in the Professional Development Program. Jim was responsible for managing between 10-20 advisors, while still managing his own client investment accounts.
In addition to his experience in the financial services area, Jim has been involved in several start-up companies. Jim's Philanthropic work includes serving as President/Treasurer of a private foundation established to provide non-profit organizations financial assistance, and Chairman/President of the Believe In Your Dreams Foundation. In 2007, Jim established the Believe In Your Dreams Foundation, a 501(c)3 organization, to help individuals who are suffering from life-altering circumstances beyond their control.
Jim has taught investment, insurance, and credit repair classes through continuing education at universities in CA & TX since 1997. Jim attended the University of Minnesota where his focus was Management & Marketing.
Jim has recently written two books, one called "Your Financial Lifecycle" a book which describes several key investment topics everyone will face throughout their life, and a book titled, "The Truth about Your Credit Score", which defines how credit scores are calculated and how you can increase your credit score, including templates which you can use to send to creditors.
Jim's books can be purchased on Amazon.com, via Author search, or by emailing him directly at JimWigen@GetWealthyStayWealthy.com.
In the Fall of 2011, Jim will be starting his radio show called, The Jim Wigen Show, Teaching You to Get Wealthy & Stay Wealthy. You can hear his shows through streaming audio by visiting JimWigen.com.
You can follow comments through the
RSS 2.0 feed.
You can
leave a comment, or
trackback.
