Jobless Rate Continues to Rise

This time last year, no state in America had a jobless rate in double-digits. Currently, there are at least four states with a jobless rate of at least 10%: Michigan, California, Rhode Island and South Carolina. However, with jobs being lost every day, many other states will soon join that foursome.

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Many industries across the nation have been hard hit especially anything related to housing, banking and manufacturing. Overall, almost no industry has been spared. In the first month of 2009, the only state that didn’t see an increase in unemployment was Louisiana.

Many economists believe that the jobless rate nationwide could rise to more than 10%, which would put the United States into a position it hasn’t seen in over 70 years. As of January, the nation had a jobless rate of more than 7%.

Michigan has seen many of its job losses in the auto industry, while Rhode Island and South Carolina have been hammered by the cutbacks in the manufacturing industry. California has seen losses in industries across the board, although the national housing crisis has played a major role.