14 US States Encounter Record Low Jobless Rates
April 2018 marks the 107th month of the current economic expansion that had begun in June of 2009. This expansion surpassed what was previously regarded as the second longest economic expansion in US history from February 1961 to December 1969. With the assumption that this economic performance continues, the record low jobless rates in 14 states will become part of the second longest economic expansion in US history.
Fourteen states have set new records for low unemployment rates in the previous year, which is nearly a decade after the recession that left a large populous of Americans unemployed. States that hit the new unemployment low are Hawaii (2.1%), Idaho (2.9%), Kentucky (4%), Maine (2.7%), Mississippi (4.5%). Oregon (4.1%) and Wisconsin (2.9%)
The State of California as well set a new record last month. The unemployment rate of the Golden State stands at 4.1% according to the unemployment situation a bi-monthly report published by the United States Bureau of Labor Statistics. That’s the lowest rate recorded since BLS began keeping track of state-level unemployment figures in 1976. It’s a third of the 12.3% unemployment rate California notched at the height of the recession in December 2010. Among the other states to reach an all-time low is Colorado at 2.6%, Alabama at 3.7%, Texas at 3.9%. All these states have attained an all-time low in comparison to the 8.3% they averaged during the recession period of December 2010.
In terms of the remainder of the 14 states with the low unemployment rate, Tennessee has fallen to the lowest unemployment rate it has ever measured, 3.3 percent, in January. Hawaii’s unemployment rate is the lowest in the nation. Idaho, Iowa, Maine, Nebraska, New Hampshire, North Dakota and Wisconsin all have unemployment rates lower than 3%.
It seems likely that the current economic and job growth continues well into next year. It also depends on a major trade war or other major economic/political risks that would derail the expansion. May of 2019 will be the 121st month of the current expansion and will break the previous record 120-month expansion from March 1991 to March 2001. In the meantime, the two important economic milestones outlined above of record jobless rates in more than one out of four US states. Along with surpassing the previous 106-month record for the second longest uninterrupted period of economic expansion in US history. The decline in unemployment rates is a reason for the public of the United States should rejoice!