Friday, April 16, 2010

March State Unemployment Rates---Georgia (10.6 percent).

Calculated Risk has a great graph showing the new record highs in California, Florida, Georgia and Nevada.
 
Georgia had 9% unemployment rate in March of 2009.  Its now at 10.6.  Republicans who opposed the stimulus--hence weakening what could get passed have a lot to explain for to the citizens of this state.  Somehow I have a feeling that the media isn't going to ask the tough questions of them (I blame liberal media bias for the Republican free ride on this.).
 
Regional and state unemployment rates were little changed in March.
Twenty-four states recorded over-the-month unemployment rate increases,
17 states and the District of Columbia registered rate decreases, and 9
states had no rate change, the U.S. Bureau of Labor Statistics reported
today. Forty-four states and the District of Columbia recorded jobless
rate increases from a year earlier, 5 states had decreases, and 1 state
had no change. For the third consecutive month, the national unemploy-
ment rate was 9.7 percent, up from 8.6 percent in March 2009.
..............
 
Between February and March 2010, 11 states and the District of Columbia
experienced statistically significant increases in employment; 2 states
had statistically significant decreases in employment. The largest sta-
tistically significant job gains occurred in Maryland (+35,800), fol-
lowed by Virginia (+24,500), Pennsylvania (+22,600), and Indiana (+16,600).
The statistically significant decreases in employment occurred in Nevada
(-7,100) and Vermont (-1,900). (See tables C and 5.)

Over the year, 39 states experienced statistically significant changes
in employment, all of which were decreases. The largest statistically
significant job losses occurred in California (-458,600), Texas (-160,800),
Florida (-149,600), Illinois (-148,500), and Ohio (-147,000). The small-
est statistically significant job losses occurred in Delaware (-7,800)
and Hawaii (-9,400).

I wrote back in October on the need for more stimulus:
A weak recovery is in the works/happening now. 
 
Unemployment is going to be over 10%.  A substantial amount of unemployed or underutilized labor and capital is just sitting around.  We're going to be watching a lot more small and medium size banks fold...
 
State Budgets are going to be in worse shape next year than they were this year--as increased use of government services, a decline in revenue, and budget cuts further weakened state governments fiscal outlook. 
 
More money to the states as well as money directed at those who will spend it (rather than save it)... are going to be needed. 
 
I fear that Obama, just like on health care isn't going to take the lead.   A lack of political will--created a weak first stimulus mostly directed at tax cuts (which people for the most part save, defeating the whole.. you know... stimulus aspect of it). 
 
Getting a move on in regards to round two might help...
Needless to say we didn't get a move on.  Republican talking heads, politicians, and their cheering squad have a lot of explaining to do for some of their past macroeconomic claims about how the stimulus was not going to work--and maybe expand on why they think Government shouldn't be vested in making sure the economy is working for working Americans and not letting them sit on the unemployment line.

Posted via email from Jim Nichols

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