Dec. 18 (Bloomberg) -- Unemployment declined in 36 U.S. states in November, with Kentucky and Connecticut posting the biggest declines from a month earlier.
Kentuckyâs jobless rate fell to 10.6 percent from 11.3 percent the previous month, the Labor Department said today in Washington. Unemployment in Connecticut dropped to 8.2 percent last month from 8.8 percent. South Carolina and Florida registered jobless rates that were the highest since data began in 1976.
âThe broad phenomenon across the U.S. is that the pace of layoffs has slowed considerably but thereâs not much new hiring going on,â Steve Cochrane, director of regional economics at Moodyâs Economy.com in West Chester, Pennsylvania, said before the report. âWeâre seeing revenues continue to come in below expectations in almost every state.â
Unemployment close to a 26-year high is a blow to states, whose budgets have been strained by the recession that started two years ago, as tax revenue slows and more is paid out in jobless benefits. The U.S. unemployment rate is forecast to exceed 10 percent through June, limiting consumer spending as the economy recovers.
The jobless rate in the U.S. fell to 10 percent in November from 10.2 percent, the Labor Department said Dec. 4.
A lack of job creation was one reason Federal Reserve policy makers this week said they will keep their benchmark interest rate low for an âextended period.â
http://www.bloomberg.com/apps/news?pid=20601087&sid=aUnci99IPZek&pos=3
Should be good news for people seeking a job.
Kentuckyâs jobless rate fell to 10.6 percent from 11.3 percent the previous month, the Labor Department said today in Washington. Unemployment in Connecticut dropped to 8.2 percent last month from 8.8 percent. South Carolina and Florida registered jobless rates that were the highest since data began in 1976.
âThe broad phenomenon across the U.S. is that the pace of layoffs has slowed considerably but thereâs not much new hiring going on,â Steve Cochrane, director of regional economics at Moodyâs Economy.com in West Chester, Pennsylvania, said before the report. âWeâre seeing revenues continue to come in below expectations in almost every state.â
Unemployment close to a 26-year high is a blow to states, whose budgets have been strained by the recession that started two years ago, as tax revenue slows and more is paid out in jobless benefits. The U.S. unemployment rate is forecast to exceed 10 percent through June, limiting consumer spending as the economy recovers.
The jobless rate in the U.S. fell to 10 percent in November from 10.2 percent, the Labor Department said Dec. 4.
A lack of job creation was one reason Federal Reserve policy makers this week said they will keep their benchmark interest rate low for an âextended period.â
http://www.bloomberg.com/apps/news?pid=20601087&sid=aUnci99IPZek&pos=3
Should be good news for people seeking a job.
