Economy

Economic Data Roundup (04/24/2017)

4/24/17 12:00 PM

iStock-626627280.jpgA few weeks after every big monthly job report comes out, more detailed information is released showing a breakdown of the payroll gains and losses in each state. The latest of these extended reports showed that three states had statistically significant month-over-month increases in nonfarm payroll employment in March, and four states had significant decreases. Over the past year, twenty-seven states had statistically significant increases in nonfarm payroll employment, and only two states experienced notable declines. The largest absolute gains in employment last month occurred in Washington (+10,700), Tennessee (+8,600), and Maine (+3,000), while the biggest declines could be found in New Jersey (-17,500), Pennsylvania (-16,100), and Missouri (-13,400). Other regional employment highlights include that Florida is still outperforming in terms of manufacturing hiring, and job creation in major oil and gas producing states continues to slowly recover.

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As for joblessness, seventeen states in March experienced statistically significant unemployment rate decreases from the prior month, and no states saw a notable increase. Compared to a year ago, eighteen states had statistically significant unemployment rate decreases, with the largest decline found in West Virginia (-1.3 percentage points). No states have experienced significant unemployment rate increases over the past twelve months. The lowest unemployment rate in the country in March could be found in Colorado (2.6 percent), while New Mexico had the highest rate of joblessness last month (6.7 percent). For comparison, the national rate of unemployment (U-3) was 4.5 percent in March.

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Sources: Econoday, U.S. DoL, Calculated Risk, FRBSL

Post author: Charles Couch