Stability Could Be Coming to the Jobs Market

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According the latest data released by the Bureau of Labor Statistics, only eight states reported statistically significant changes in unemployment rate increases from September to October. Even though the national unemployment rate rose to 10.2%, taken on a regional level, none of the nine geographic divisions reported a statistically significant change. This news is encouraging, since it indicates that stability could be coming to the jobs market.

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Even with the slowdown in the pace of joblessness, though, there are still concerns about employment. Increases in employment are still few and far between. However, there are some bright spots. Six states and the District of Columbia saw some notable increases in job gains. Texas led the pack in October, with the creation of 41,700 jobs. States surrounding Texas, including New Mexico, Oklahoma and Louisiana, all have a lower unemployment rate than Texas – even though they aren’t adding a significant amount of jobs. Interestingly, Michigan, which has the highest unemployment rate of any of the states at 15.1%, saw some improvement on the jobs front, adding 38,600 jobs.

In terms of job decreases, only Wyoming saw a significant loss of jobs, with 2,600. The fact that so few states are showing major movement indicates that some level of stability is being achieved. We may not be seeing a great many job increases, but at least the breakneck speed of job losses experienced earlier this year appears to be easing. There is still a long way to go, though.

The employment picture remains bleak as compared to this time last year, and there are predictions that it may be another four to six months before hiring really starts to pick up. But, in some places, it appears that things are already starting to turn around.