Publication Date:
Mon, 2013-01-07 10:01
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Unemployment levels in Michigan had dropped 5.1 percent from their recession peak to November 2012, the greatest improvement in 24/7 Wall Street's ranking. Levels continue, however, to be above the national average.
As the U.S. economy continues to recover from the Great Recession, investment blog 24/7 Wall Street compiled a ranking [1] of all 50 states by the percentage point decline from its highest unemployment rate during the recession. Data from the Bureau of Labor Statistics through November 2012 was used for the analysis. Anecdotally, 24/7 Wall Street broke the states down into three groups:
- Those that saw significant declines in housing (Nevada, Florida, Arizona) and GDP (Michigan, Ohio) during the recession. This group has begun to see substantial reduction in unemployment but still remains above the national average
- Those that were largely unaffected by the recession (North Dakota, Wyoming). Unemployment rates changed little for this group, leading to a lower ranking on 24/7 Wall Street’s list
- Those that have shown minimal recovery (New York, New Jersey, Connecticut), with unchanged or still-increasing unemployment States were ranked based on the rate of unemployment decline from peak recession levels to the present.
The five states showing the greatest decline from unemployment high water marks are:
1. Michigan (5.1 percent)
2. Ohio (3.7 percent)
3. South Carolina (3.4 percent)
4. Utah (3.1 percent)
5. Oregon (3 percent)
The five states with the smallest decline are:
1. New Jersey (0.2 percent)
2. New York (0.4 percent)
3. Connecticut (0.4 percent)
4. Pennsylvania (0.6 percent)
5. South Dakota (0.8 percent)
As of November 2012, the national unemployment rate was 7.7 percent, or 11.3 million unemployed people. That number had reached as high as 10 percent in October 2009, approximately 15 million jobless individuals.
To see the full list, click here [1].
