Date: December 23, 2019
Seven states posted lower unemployment rates in November, while five recorded higher rates for the same month. Unemployment rates remained stable in thirty-eight states and the District of Columbia based on a report by the Bureau of Labour Statistics (BLS). Last year, there were seven states with jobless rate decreases, two states had increases and forty-one states and the District had little or no change. Whereas, there was little change in the national unemployment rate, at 3.5%, over the month and from November 2018.
In addition, “Nonfarm payroll employment increased in 6 states in November 2019, decreased in 1, and was essentially unchanged in 43 states and the District of Columbia. Over the year, 25 states added nonfarm payroll jobs and 25 states and the District were essentially unchanged,” as stated by the BLS.
Notably, Vermont recorded the lowest unemployment rate in November, 2.3%, while Alaska had the highest jobless rate, 6.1%. In total, 14 states had unemployment rates lower than the U.S. figure of 3.5%, while 12 states and the District of Columbia had higher rates. Approximately 24 states had rates that were not appreciably different from that of the nation.
For the period of November, North Carolina and South Carolina had the largest over-the-month unemployment rate decline of 0.2%. However, Louisiana and New Jersey recorded the highest increases by 0.2% each. Furthermore, thirty-eight states and the District of Columbia had jobless rates that were not notably different from those of the previous month.
Notably, Alabama experienced the highest over-the-year unemployment rate decreases (-1.1 percentage point each). The largest increases from November 2018 was observed in Mississippi (+0.9 percentage point).
Nonfarm Payroll Employment
In November 2019, Nonfarm payroll employment rose in six states. The employment largest increases in employment occurred in Texas (+37,500), Michigan (+24,800), and Virginia (+17,700). The largest percentage gain occurred in Michigan (+0.6%), followed by Virginia (+0.4%) and Oregon, Tennessee, Texas, and Washington (+0.3% each).However, employment fell in November in Illinois (-17,200, or -0.3%).
Moreover, according to BLS, “Twenty-five states had over-the-year increases in nonfarm payroll employment in November. The largest job gains occurred in Texas (+336,700), California (+321,800), and Florida (+217,400). The largest percentage gains occurred in Utah (+3.2%) and Idaho and Texas (+2.7% each).”
Disclaimer: Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.