Tuesday, November 30, 2010
Tweet[IWS] JEC: UNDERSTANDING THE ECONOMY: STATE-BY-STATE SNAPSHOTS (October Data) [23 November 2010]
IWS Documented News Service
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Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
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U.S. Senate
Joint Economic Committee (JEC)
Understanding the Economy: State-by-State Snapshots (October Data)
Nov 23 2010
or
http://jec.senate.gov/public/?a=Files.Serve&File_id=1a6a5de0-a648-43a1-93fa-7fff2fd56408
[full-text, 112 pages]
This is the eleventh edition of the state-by-state snapshots issued by the Joint Economic
Committee, containing employment and unemployment data at the state level for the first
ten months of 2010. Job growth in the fourth quarter of 2010 appears more robust than it
was in the middle of 2010, with 43 states and the District of Columbia experiencing private
sector growth in October. In contrast, only 22 states saw private sector growth in August
and 20 states plus the District of Columbia expanded private sector payrolls in September.
While the current recovery remains fragile and uneven, as a whole, the economic situation
of the country has improved over the past year.
• Gross domestic product grew by 2.5 percent in the third quarter of 2010, for five
quarters of uninterrupted economic expansion. Growth in the third quarter was more
robust than in the second quarter of 2010, when the economy grew 1.7 percent.
• Private sector employment has increased by 1.1 million jobs (1.0%) so far in 2010,
ten consecutive months of expansion. Private sector job creation slowed in May and
June, averaging only 56,000 jobs in those months. In contrast, private sector job
creation has averaged 131,500 jobs per month from July to October, with over
100,000 jobs created in each month.
While the economy has started to recover, a stronger, sustained level of job creation is
needed to reduce the large number of workers who remain unemployed. The national
unemployment rate remained elevated at 9.6 percent in October 2010, although it is below
the peak of 10.1 percent reached in October 2009.
This month’s report shows the progress states have made creating jobs and reducing
unemployment since the beginning of the year, including:
• Forty-three states and the District of Columbia added private sector jobs in October
2010. The District of Columbia has seen the largest expansion of private sector
payrolls, expanding by 3.4 percent in 2010 to date. A number of other states have
expanded private sector payrolls by more than 2 percent in 2010, including
Oklahoma (2.8%); Minnesota (2.5%); Arkansas (2.4%); Texas (2.3%); New
Hampshire (2.3%); Indiana (2.1%); Louisiana (2.1%) and Wyoming (2.0%).
• Almost every state has experienced private sector job creation in 2010. The only
exceptions are: Rhode Island (-0.3%); Alaska (-0.3%); Missouri (-0.4%); and Nevada
(-1.6%).
• In an improvement over August and September, 30 states added manufacturing jobs
in October 2010, compared to only 21 states in August, and 23 states in September.
• Texas has seen manufacturing jobs gains in every month so far in 2010 with Texas’s
manufacturing sector expanding 3.9 percent in 2010. Texas has the second largest
manufacturing sector, with 844,000 manufacturing jobs, more than 7 percent of the
U.S. total. California, which has the largest manufacturing base of all states,
expanded its manufacturing base by only 0.7 percent in 2010, below the U.S.
average (1.2%). California’s manufacturing base expanded in October, after
contracting in July, August and September. Other large manufacturing states have
done well in 2010, including: Michigan (3.9%); Indiana (3.2%); and Ohio (2.3%).
Although Michigan and Ohio expanded their manufacturing jobs in October, the
manufacturing base stagnated in Indiana in the last three months.
• Thirty-two states and the District of Columbia added jobs in the professional and
business services sector in October 2010, with California gaining jobs in this sector
in each of the first ten months of 2010. The growth in California’s professional and
business services sector (3.0%) exceeds the national average (1.9%). New York,
which has also has a large professional and business services sector, saw a
substantial increase in employment in this sector in 2010 (3.0%). However, New
York’s growth in this sector was not as consistent as California’s growth.
• Twenty-eight states added jobs in the leisure and hospitality sector in October 2010,
after only 16 states and the District of Columbia expanded jobs in this sector in
September. Thirty-seven states and the District of Columbia gained leisure and
hospitality jobs in at least five of the first ten months of 2010.
In order to provide a clearer picture of economic performance at a more local level, the Joint
Economic Committee has prepared a snapshot of the current economic climate within each
state. The attached state pages highlight key economic statistics for each state:
• Jobs created or lost since the start of the recession;
• Jobs saved or created by the Recovery Act;
• Unemployment rates;
• Per capita earnings; and,
• The condition of the housing sector.
Next month’s edition will be the final edition of the state-by-state for the 111th Congress.
This release, which will include data through November 2010, will highlight state-level
trends during 2010.
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This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
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Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
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