Unemployment Exceeds 15% in Michigan, Rises to New Highs in Other States

The BLS reports:

Michigan again reported the highest jobless rate, 15.2 percent, in June. (The last state to have an unemployment rate of 15.0 percent or higher was West Virginia in March 1984.) The states with the next highest rates were Rhode Island, 12.4 percent; Oregon, 12.2 percent; South Carolina, 12.1 percent; Nevada, 12.0 percent; California, 11.6 percent; Ohio, 11.1 percent; and North Carolina, 11.0 percent.

The Nevada, Rhode Island, and South Carolina rates were the highest on record for those states. Florida, at 10.6 percent, Georgia, at 10.1 percent, and Delaware, at 8.4 percent, also posted series highs. North Dakota registered the lowest unemployment rate in June, 4.2 percent. Overall, 12 states and the District of Columbia had significantly higher jobless rates than the U.S. figure of 9.5 percent, 27 states reported measurably lower rates, and 11 states had rates little different from that of the nation.

Keep in mind that those are official numbers only. The real unemployment rate is likely to be about 7% higher in each state. The real nationwide unemployment rate is over 16% already.

Unemployment is primarily an east and west coast phenomenon. This is where the excesses of the consumption credit expansion were most prevalent. Now is payback time. There are actually several mid-western and southern states with unemployment below 6.4%, North Dakota even below 5%.

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