A 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 nonfarm employment increased in nine states and the District of Columbia in May, and decreased in four states. Over the past year, twenty-eight states have seen statistically significant increases in nonfarm payroll employment, and no states have experienced a notable decline. The largest absolute gains in employment last month occurred in Florida (+29,600), New York (+27,700), and North Carolina (+18,800), while the biggest losses could be found in New Jersey (-13,100), Nevada (-6,500), and West Virginia (-4,100).
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. As for joblessness, nine states in May experienced statistically significant unemployment rate decreases from the prior month, and no states suffered a notable increase. Compared to a year ago, twenty-two states have had statistically significant unemployment rate decreases, with the largest declines found in West Virginia and Wyoming (-1.5 percentage points each), closely followed by Indiana and Oregon (-1.4 points each). No states have experienced significant unemployment rate increases over the past twelve months. The lowest unemployment rate in the continental U.S. in May could be found in Colorado (2.3 percent), while New Mexico had the highest rate of joblessness last month (6.6 percent). For comparison, the national rate of unemployment (U-3) was 4.3 percent in May.
Sources: Econoday, U.S. DoL, Calculated Risk, FRBSLPost author: Charles Couch