[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|
Status: Not Logged In; Sign In
Business Title: Payrolls Rose in 41 States Last Month in Sign U.S. Job Market Stabilizing Nov. 23 (Bloomberg) -- Payrolls increased in 41 U.S. states in October, led by Texas and New York, indicating the labor market is stabilizing across the world’s largest economy. Employers in Texas added 47,900 jobs last month, while payrolls rose 40,600 in New York, figures from the Labor Department showed today in Washington. California and Michigan rounded out the four states with the biggest job gains. The number of states reporting increases in employment was the highest since May. The report is consistent with figures on Nov. 5 that showed nationwide payrolls rose in October for the first time in five months, a sign employers are gaining confidence the recovery will be sustained. Federal Reserve policy makers, with the goal of boosting growth enough to reduce the jobless rate, said they will buy an additional $600 billion of Treasuries. “The labor market is starting to improve slowly,” said Henry Mo, an economist at Credit Suisse in New York. “We need faster economic growth. It’ll take a few years to dig out of the deep hole of job losses.” Unemployment rates declined in 19 states and rose in 14. While Nevada’s jobless rate is the highest in the nation, unemployment fell to 14.2 percent in October from 14.4 percent from the prior month. The jobless rate in North Dakota rose to 3.8 percent, the lowest in the U.S., from 3.7 percent. In California, the largest state, non-farm jobs rose by 38,900, the most since May 2006. Payrolls in New York, the third-biggest state, increased by the most since April 2005. The jobless rate was unchanged in these states even as payrolls grew. California’s unemployment held at 12.4 percent, Texas’s at 8.1 percent, and New York’s at 8.3 percent. Four Biggest Data released earlier this month showed California, Texas, Florida and New York, the four biggest states, all added jobs in October for the first time since May as the recovery stoked demand for labor. Michigan showed payroll gains of 19,000 in October. Seven industries showed gains in payrolls, led by a 103,000 increase in education and health services, today’s report showed. Government agencies added 38,000 workers. The unemployment rate in New York City, the nation’s most- populous, dropped to a seasonally adjusted 9.2 percent last month, the lowest since April 2009, from 9.3 percent in September, the state Labor Department said last week. Today’s report showed eight states had unemployment of 10 percent or higher. State and local employment data are derived independently from the national statistics, which are typically released on the first Friday of every month. The state figures are subject to larger sampling errors because they come from smaller surveys, making the national figures more reliable, according to the government’s Bureau of Labor Statistics. Private Hiring The Labor Department’s Nov. 5 report had showed payrolls climbed by 151,000 workers in October, and the jobless rate held at 9.6 percent for a third month. Private hiring expanded the most since April, hours worked rose and wages grew, it also said. New Jersey’s jobless rate fell to 9.2 percent last month, from 9.4 percent in September. The rate is the state’s lowest since May 2009, according to its labor department data issued last week. Unemployment in Pennsylvania, the sixth-most populous U.S. state, slid 0.2 percentage point to 8.8 percent as the state added 15,900 jobs, according to the state’s labor department. It was the third straight month the rate fell, and the first time it was below 9 percent since February, according to Pennsylvania’s labor department. New York City Even so, staff reductions are expected at state and local government agencies. New York City, facing a $3.3 billion deficit in next year’s budget, will cut its workforce by more than 10,000 over the next year-and-a-half, Mayor Michael Bloomberg’s budget office said Nov. 18. More than 6,200 workers will be fired, and the remainder of the cuts will be made through attrition, his office said. Retailers taking on extra workers for the November-December holiday shopping season include Kohl’s Corp. The Menomonee Falls, Wisconsin-based department store chain will hire about 40,000 people for the period, 21 percent more than last year. Bentonville, Arkansas-based Wal-Mart Stores Inc., the world’s largest retailer, also will ramp up temporary staff.
Post Comment Private Reply Ignore Thread |
|
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|