The streak is over, but that is very misleading.
- The number of unemployed persons (12.1 million) dropped by 456,000.
- The number of persons unemployed (2.5 million) for less than 5 weeks declined by 302,000.
- The number of long-term unemployed persons (jobless for 27 weeks or more) was little changed at 4.8 million.
- The number of long-term unemployed persons accounted for 40.1 percent of the unemployed.
- Total employment rose by 873,000 in September.
- The Labor Force Participation rate was little changed at 63.6 percent.
- The number of persons employed part-time for economic reasons rose from 8.0 million in August to 8.6 million in September.
The Texas model added 37% of all net U.S. jobs since the recovery began.
Richard Fisher, the president of the Federal Reserve Bank of Dallas, dropped by our offices this week and relayed a remarkable fact: Some 37% of all net new American jobs since the recovery began were created in Texas. Mr. Fisher’s study is a lesson in what works in economic policy—and it is worth pondering in the current 1.8% growth moment.
Using Bureau of Labor Statistics (BLS) data, Dallas Fed economists looked at state-by-state employment changes since June 2009, when the recession ended. Texas added 265,300 net jobs, out of the 722,200 nationwide, and by far outpaced every other state. New York was second with 98,200, Pennsylvania added 93,000, and it falls off from there. Nine states created fewer than 10,000 jobs, while Maine, Hawaii, Delaware and Wyoming created fewer than 1,000. Eighteen states have lost jobs since the recovery began. Continue reading →