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 eleven states had statistically significant month-over-month increases in nonfarm payroll employment in October, and five states had significant decreases. The largest absolute gains in employment last month occurred in California (+31,200), Michigan (+18,900), and Washington (+10,600), while the biggest declines were found in Minnesota (-12,500), South Carolina (-9,900), and Connecticut (-7,200). As for joblessness, seven states last month had statistically significant unemployment rate decreases, and two states had notable increases. Compared to a year ago, seven states have seen marked declines in joblessness, with the largest decrease being found in Massachusetts (-1.5 percentage points). Five states had significant unemployment rate increases over the past year, with Oklahoma and Pennsylvania seeing joblessness rise the most (+1.0 percentage point each). The lowest unemployment rate in the country in October could be found in New Hampshire and South Dakota (both at 2.9 percent), while New Mexico had the highest rate of joblessness in the continental U.S. last month (6.9 percent). For comparison, the national rate of unemployment (U-3) was 4.9 percent in October.
Sources: U.S. BLS, Calculated Risk, FRBSLPost author: Charles Couch