As the U.S. and World economies continue their slow improvement since the Great Recession that started in 2008, the national unemployment rate — normally a lagging economic indicator — has been following the overall upturn by dropping in the past year. A recent report from the Bureau of Labor Statistics reveals a falling unemployment rate all over the country which bodes well for today and the future.
National Unemployment Rate Holds Steady in August
The national unemployment rate held steady at 7.3 percent in August, but that figure, while unchanged since July, shows a 0.8 percentage point decrease since August of 2012. 36 states as well as the District of Columbia reported lower unemployment rates since this time last year. So while the economic recovery has been slow, things appear to be solidly on the turn around.
Payroll Employment is Up
The BLS report also showed an increase in the total number of non-farm payroll workers, with both New York and California adding nearly 30,000 new workers in August. Nevada and Louisiana showed the highest percentage increases over July’s data at 1.0 percent and 0.7 percent respectively.
Over the last year, non-farm employment increased in the District of Columbia and every state with the exception of Alaska. North Dakota showed the highest percentage increase in the last year at 3.0 percent, followed by Idaho (2.8 percent) and Utah (2.6 percent).
In the past year, the regional unemployment rates dropped significantly in the Pacific (1.4 percentage points), South Atlantic (0.9 percentage points), Middle Atlantic, and Mountain (both 0.8 percentage points). The unemployment rate is lowest in the West North Central region at 5.5 percent, with the Pacific region holding the highest rate at 8.4 percent.
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