This could make a radical turn around in employment and the economy prior to November very difficult.
U.S. Joblessness Rise Broad-Based as 44 States Show Gain
By Shobhana Chandra - Aug 17, 2012 11:19 AM ET
The jobless rate climbed in 44 U.S. states in July, showing last month’s increase in unemployment was broad based.
Alabama and Alaska registered the worst performance, with joblessness advancing by 0.5 percentage point in each, figures from the Labor Department showed today in Washington. Payrolls grew in 31 states last month, led by California and Michigan.
Across the nation, the unemployment rate rose to 8.3 percent in July, a five-month high, even as employment increased by the most since February. Faster hiring is needed to spur consumer spending, which accounts for about 70 percent of the economy, and to help reduce elevated joblessness that remains a concern for Federal Reserve policy makers.
Payrolls gains are “probably not enough to make really significant sort of progress on improving unemployment rates,” Jeremy Lawson, senior U.S. economist at BNP Paribas in New York, said before the report. “Firms are waiting on more clarity as to what general direction things are headed.”
Unemployment jumped to 8.3 percent in Alabama from 7.8 percent in June, and climbed to 7.7 percent in Alaska from 7.2 percent, today’s report showed. Nevada, where the rate rose to 12 percent from 11.6 percent, remained the state with the highest level of joblessness in the country.
Rhode Island, at 10.8 percent, was second, followed by California at 10.7 percent.