U.S. unemployment rate lower in only 2 of 50 states

From Bloomberg News.

Excerpt:

The jobless rate climbed in 44 U.S. states in July, showing last month’s increase in unemployment was broad based.

Alabama and Alaska registered the worst performance, with joblessness advancing by 0.5 percentage point in each, figures from the Labor Department showed today in Washington. Payrolls grew in 31 states last month, led by California and Michigan.

[…]North Dakota had the lowest unemployment rate in the nation, even as it rose to 3 percent from 2.9 percent the prior month.

Two states, Idaho and Rhode Island, showed a drop in their unemployment rates. Joblessness was unchanged in four states.

New Jersey’s jobless rate jumped to a 35-year high of 9.8 percent in July from 9.6 percent in June. The state lost 12,000 positions, including cuts in manufacturing, construction, and professional and business services, according to figures released by New Jersey officials yesterday.

Unemployment in New York rose to 9.1 percent, the highest since 1983, and payrolls dropped by 3,700 workers.

The figures reflect the cutbacks at financial firms, which are trimming jobs as revenue softens. Morgan Stanley has said its headcount will drop by about 700 in the second half, bringing total 2012 reductions to 4,000. Credit Suisse Group AG planned to eliminate 138 positions in New York starting this month. Deutsche Bank AG will cut about 1,900 jobs by year-end, mostly outside Germany.

Not only is unemployment rising, but the real unemployment rate is being masked because more and more people are going onto to federal disability.

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