Economy

Economic Data Roundup (10/22/2018)

10/22/18 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 revealed that nonfarm employment in September increased in one state, decreased in three states, and was essentially unchanged everywhere else. The largest payroll declines occurred in North Carolina (-21,900) and South Carolina (-14,500) last month, which was to be expected considering the path that hurricane Florence took.

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A sharp rebound in the regions affected by the storm should be seen in subsequent reports, although the data will likely remain noisy in the near-term due to similar disruptions caused by hurricane Michael. More importantly, thirty-seven states have seen statistically significant increases in nonfarm employment over the past year, and no states have experienced a decline. The largest annual gains occurred in Florida (+4.8%), Utah (+3.6%), and Texas (+3.3%). Further, sixteen states have experienced year-over-year decreases in the rate of joblessness, and unemployment in September fell to a record low in Arkansas (3.5%), California (4.1%), Idaho (2.7%), South Carolina (3.3%), Texas (3.8%), and Washington (4.4%). For comparison, the national rate of unemployment in America was 3.7% last month.

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Sources: U.S. Department of Labor

Post author: Charles Couch