Unemployment rates for June 2013 in US and around the World
“The national jobless rates and stats remain stable, with little variation”.
The BLS (bureau of labor statistics) broad based report on “REGIONAL AND STATE EMPLOYMENT AND UNEMPLOYMENT —JUNE 2013” is out.
The national unemployment rates for June 2013 are the same as May 2013, glued at 7. 6 %, down 0.6 compared to June 2012. In June 2013, nonfarm payroll employment increased in 37 states, decreased in 12 states and the District of Columbia, and was unchanged in Arkansas. The largest over-the-month increases occurred in California (+30,200), Pennsylvania (+19,100), and Wisconsin (+17,500). The largest over the month shrinkage was seen in Tennessee (-16,500), followed by Ohio (-12,500) and New York (-11,400).
On annual basis, the largest over-the-year percentage increase occurred in Idaho (+3.0 percent), followed by Texas (+2.8 percent) and Colorado (+2.7 percent). The only over-the-year percentage slump occurred in Alaska (-0.4 percent) which is good prophecy for longer run.
Unemployment rates (state wise) for June 2013 are provided below.
|STATE||UNEMPLOYMENT RATE(June 2013)|
|District of Columbia||8.5|
In June, the West sustained to have the highest regional jobless rate, 7.8 percent, while the South had the least rate, 7.2 percent. Over the month, no region had a statistically significant rate change. Significant over-the-year rate changes occurred in three regions: the West (-1.6 percentage points), Northeast (-0.7 point), and South (-0.6 point).
US Economy Exordium
The economic recovery of summer 2013 is playing out in an all-too-familiar way for poor and middle-class Americans: Gas prices are up, growth is slowing, and there still aren’t nearly enough new jobs to employ the almost 12 million people seeking work.
An improving housing market and rising stock prices appear to have done little to increase the take-home pay of the typical U.S. worker. And while the economy continues to heal faster than that of almost any other Western nation, evidence remains strong that the recovery has done little to boost the fortunes of people in the vast economic middle. Researchers at the Federal Reserve Bank of San Francisco reported this week that wage growth across the economy is continuing to slow in the wake of the recession, in a way similar to the past two recessions but counter to previous recoveries in the 20th century. The researchers warned that wage growth is likely to decelerate “long after the jobless rate has returned to more normal levels.”
In an interview this week, officials at one of the nation’s most powerful labor groups, the AFL-CIO, made little attempt to hide their frustration with the pace and nature of the recovery.
“It’s a pathetic recovery,” said Thea Lee, an economist and the union’s deputy chief of staff. “It really is extraordinary that four years ago we declared the recession over, but we’re not even within spitting distance of full employment.”
Economic status around the World
The graph above represents the movement of economies year on year. The developing countries like BRIC will continue to have an upper had compared to their advanced counterparts.
Turning to forecasts, growth in the United States is projected to rise from 1¾ percent in 2013 to 2¾ percent in 2014 The projections assume that the sequestration will remain in place until 2014, longer than previously projected, although the pace of fiscal consolidation will still slow.
In Japan, growth will average 2 percent in 2013, moderating to about 1¼ percent in 2014. The stronger forecast for 2013 than previously projected reflects the effects of recent accommodative policies on confidence and private demand, while the somewhat softer forecast for 2014 reflects the weaker global environment.
The euro area will remain in recession in 2013, with activity contracting by over ½ percent. Growth will rise to just under 1 percent in 2014, weaker than previously projected.