Economy

Economic Data Roundup (05/22/2017)

5/22/17 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 nine states had statistically significant month-over-month increases in nonfarm payroll employment in April, and only one state (Indiana) had a significant decrease. Over the past year, twenty-eight states had statistically significant increases in nonfarm payroll employment, and only one state (Alaska) experienced a notable decline. The largest absolute gains in employment last month occurred in Texas (+30,400), Minnesota (+15,100), and Wisconsin (+14,800), while the biggest decrease could be found in Indiana (-11,300). 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, ten states in April experienced statistically significant unemployment rate decreases from the prior month, and only one state (Massachusetts) saw a notable increase. Compared to a year ago, nineteen states have had statistically significant unemployment rate decreases, with the largest declines found in Illinois, Oregon, West Virginia, and Wyoming (-1.3 percentage points each). No states have experienced significant unemployment rate increases over the past twelve months. The lowest unemployment rate in the country in April could be found in Colorado (2.3 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 4.4 percent in April.

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

Post author: Charles Couch