If one is using the jobless rate as an indicator of how well this year’s summer of recovery is doing, it is by no means a crystal clear picture. It is more like looking through a semi-transparent, smudged and grime be spotted window into our economic future.
Of all the fifty states the jobless rate fell in only eight of them. While it is true that the rate improved in 28 states that leaves eleven states that fell somewhere in the middle between getting better and getting worse.
On a national scale the jobless rate dropped to 7.4 percent for the month of July which is the best it has been since December of 2008. In large measure it was a result of people throwing in the towel in trying to get a job.
“The unemployment rate has been dropping since February in Mississippi. It’s just been little changes,” remarked Chief of Labor Market Information Mary Willoughby, observing that in the same time frame, there was a decline in the state’s labor force as well.
On a positive note, Georgia’s State Labor Commissioner Mark Butler commenting on his state’s jobless rate increase said, “The rate increased primarily because there was a significant number of new layoffs, and non-contract school employees remained unemployed because of the summer break. However, the vast majority of the layoffs were temporary, and the school employees are beginning to return to work.” If that is not quite a bright spot then perhaps a glimmer.
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