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Friday, January 24, 2014

Unemployment Rate falling in "Sand" States

by Calculated Risk on 1/24/2014 04:17:00 PM

The BLS will release December unemployment rates for all states next Tuesday. Here are a few "bubble" states rates that were released today by the states:

From the Orlando Sentinel: Florida unemployment dips to 6.2 percent for December

Florida's unemployment rate fell to 6.2 percent in December ... The state unemployment rate has been dropping steadily for three years and now stands at its lowest level since June 2008.

At the height of the recession in early 2010, Florida's jobless rate peaked at 11.4 percent.
From the Arizona Daily Sun: Arizona unemployment rate drops to 7.6 percent
The state’s seasonally adjusted jobless rate dropped two-tenths of a point last month, to 7.6 percent, the lowest it’s been since November of 2008.

But it’s still more than double the historic low of 3.5 percent recorded in July 2007.
The Arizona unemployment rate peaked at 10.7%, and this is the lowest since November 2008.

From the California EDD: Labor Force and Industry Employment Data for December 2013
California's seasonally adjusted unemployment rate was 8.3 percent in December, down 0.2 percentage point in November, and down 1.5 percentage points from 1 year ago.
California's unemployment rate peaked at 12.8%, and this is the lowest level since October 2008.

Rhode Island (not "sand" state) is recovering slower.  In November, Rhode Island was one of two states with an unemployment rate at or above 9.0%  (Nevada was also at 9% in November, but they haven't reported for December yet). The unemployment rate in Rhode Island peaked at 11.9%.

From the Providence Journal: Rhode Island unemployment rate ticks up to 9.1 percent for December
The unemployment rate ticked up in December to 9.1 percent, from 9.0 percent ...
Some of the so-called "sand" or "bubble" states (with the largest housing bubbles) are seeing improvement as housing recovers.