Posted by: Michael Mandel on January 26
What do Alabama, Florida, Idaho, Montana, Nevada, and New Mexico have in common?
Answer down below:
Answer: In December, each of these six states reported their lowest unemployment rate since at least 1976, when the data starts. (for the data, see here)
Yes, you read that right—a lower unemployment rate than the tech boom of the 1990s, and lower than the free-spending days of the 1980s. For example, Florida’s unemployment rate, which never fell below 3.8% during the tech boom, is now at 3.3%.
What’s more, several other states are close to their historical lows for unemployment, including Arkansas, California, Hawaii, and West Virginia. California, despite being pounded by the bust, had an unemployment rate of 5.1% in December, barely above its low of 4.7% recorded in February 2001.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.