More States Creating New Jobs Than Losing Them, Despite Overall Slow Recovery In The Jobs Market

Monday, July 23, 2012 09:53
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More States Creating New Jobs Than Losing Them, Despite Overall Slow Recovery In The Jobs Market

Tags: Economic Outlook | economy | Federal Reserve

On a state-by-state basis, the employment picture is looking brighter. The number of states adding jobs during the month of June is outpacing the number of states losing jobs. California led the 29 states adding jobs with payroll growth of 38,300.

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The number of states losing jobs was 21. Twenty-seven states saw their unemployment rates rise while it fell in 11 states and remained the same in 12. These numbers show the unevenness of the economic recovery, particularly in reference to job growth.
 
Overall, new workers were added at the slowest pace since the first quarter of 2010. The lack of diversity in regional economies places them at risk for cyclical swings according to a Wells Fargo analyst.
 
Even the private sector reported weaker job growth last month, coming in at the lowest growth rate in 10 months.
 
Fed chairman Ben Bernanke calls the unemployment situation an enormous problem. He says growth is not expected to be high enough to absorb new job seekers and will cause job growth to continue its stubbornly slow recovery rate.

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