US State by State Unemployment Worsens

Unemployment rates rose in more than half of U.S. states in July and fewer states added jobs, echoing national data that show the job market may have lost some momentum.

The Labor Department said Monday that unemployment rates increased in 28 states. They were unchanged in 14 and fell in eight states — the fewest to show a decline since January.

Hiring increased in 32 states in July compared with June, the fewest to report job gains in three months. Seventeen states reported job losses. California, Georgia and Florida reported the largest job gains, while New Jersey and Nevada lost the most.

Nationwide, hiring has been steady this year but slowed in July. Employers added 162,000 jobs, the fewest since March. The unemployment rate fell to 7.4 percent, a 4.5-year low, from 7.6 percent.

And while the job market has improved over the past 12 months, the gains appear to be benefiting southern and western states most of all.

Unemployment in the West fell to 7.9 percent in July. That’s down from 9.3 percent a year earlier and the biggest decline of the four regions. In the South, unemployment fell to 7.3 percent, from 7.8 percent a year ago.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza