Unemployment Rate Inching to 10%
July 17, 2009 by Stephen Kersey
Filed under Business
Not long ago, there were hopes that the unemployment rate in the United States would stay below 10%. Now it’s simply a matter of when rather than a question of if.
Fifteen out of the fifty states already have a 10% unemployment rate. Many other stats are right of the verge of hitting double figures.
Michigan has been the hardest hit, which isn’t surprising since the state has relied so much on the auto industry over the years. With GM and Chrysler both bankrupt, many Michigan workers lost their jobs. Currently, Michigan has an unemployment rate of over 15%.
Other states that have a double-digit unemployment rate include California, Alabama, Georgia, Florida, Rhode Island, Tennessee, Nevada and Indiana. Washington, D.C. also has an unemployment rate of more than 10%. Behind Michigan, Rhode Island has the second highest unemployment rate, while Oregon is third.
Across the nation, the unemployment rate is currently 9.5%. Prior to the beginning of 2010, the unemployment rate is expected to grow to be higher than 10%.
Some economy experts are worried that the high unemployment rate will make the recovery from the economic downturn a longer than expected task.
Unemployment Map (Image: Flickr)
