42 states lose jobs in August!
WASHINGTON - September 19, 2009 - Forty-two states lost jobs last month, up from 29 in July, with the biggest net payroll cuts coming in Texas, Michigan, Georgia and Ohio.
The Labor Department also reported Friday that 27 states saw their unemployment rates increase in August, and 14 states and Washington D.C., reported unemployment rates of 10% or above.
The report shows jobs remain scarce even as most analysts believe the economy is pulling out of the worst recession since the 1930s. Federal Reserve Chairman Ben Bernanke said earlier this week that the recovery isn't likely to be rapid enough to reduce unemployment for some time.
The jobless rate nationwide is expected to peak above 10% next year, from its current 9.7%.
“You are seeing the pace of job losses slow a little bit,” said Mike Lynch, a regional economist at IHS Global Insight. But states “are not out of the woods yet.”
The United States lost 216,000 jobs in August, the department said earlier this month, down from 276,000 in July. Employers have eliminated 6.9 million jobs since the Depression began in December 2007.
Texas lost 62,200 jobs as its unemployment rate rose to 8% in August for the first time in 22 years. The state's leisure, construction and manufacturing industries were hardest hit, losing 35,500 jobs.
Michigan saw 42,900 jobs disappear, including 15,000 in manufacturing, as the state continued to suffer along with its struggling auto industry.
The Labor Department also reported Friday that 27 states saw their unemployment rates increase in August, and 14 states and Washington D.C., reported unemployment rates of 10% or above.
The report shows jobs remain scarce even as most analysts believe the economy is pulling out of the worst recession since the 1930s. Federal Reserve Chairman Ben Bernanke said earlier this week that the recovery isn't likely to be rapid enough to reduce unemployment for some time.
The jobless rate nationwide is expected to peak above 10% next year, from its current 9.7%.
“You are seeing the pace of job losses slow a little bit,” said Mike Lynch, a regional economist at IHS Global Insight. But states “are not out of the woods yet.”
The United States lost 216,000 jobs in August, the department said earlier this month, down from 276,000 in July. Employers have eliminated 6.9 million jobs since the Depression began in December 2007.
Texas lost 62,200 jobs as its unemployment rate rose to 8% in August for the first time in 22 years. The state's leisure, construction and manufacturing industries were hardest hit, losing 35,500 jobs.
Michigan saw 42,900 jobs disappear, including 15,000 in manufacturing, as the state continued to suffer along with its struggling auto industry.
