Economy

Economic Data Roundup (09/21/2018)

9/21/18 12:00 PM

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 four states in August and was essentially unchanged everywhere else. Over the past year, thirty-five states have seen statistically significant increases in nonfarm employment, and no states have experienced a notable decline. The largest annual gains in employment occurred in Texas (+394,500), California (+348,900), and Florida (+220,200), although in percentage terms Utah (+3.5 percent), Nevada (+3.3 percent), and Washington (+3.3 percent) have seen the biggest increases.

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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 recover. As for joblessness, thirteen states in August experienced a notable unemployment rate decrease from the prior month, and three states saw an increase. Compared to a year ago, eleven states have had statistically significant unemployment rate decreases, with the largest decline found in New Mexico (-1.4 percentage points). No states have experienced significant unemployment rate increases on an annual basis. The lowest unemployment rate in America in August could be found in Hawaii (2.1 percent), and joblessness fell to a record low in Idaho, Oregon, South Carolina, and Washington. Moreover, fifteen states last month had unemployment rates below than the national level of 3.9 percent.

 


 

Sources: U.S. DoL, FRBSL

Post author: Charles Couch