Economic Development Association of Alabama’s Post

How does Indiana stack up against the U.S. in terms of employment growth by sector? Check out InContext to see which sectors are outpacing U.S. employment growth.

The labor market in Virginia continues to remain strong. In April 2024, the unemployment rate in Virginia was 2.8%, down from last month. Virginia’s unemployment rate was significantly lower than that for the United States at 3.9%. Employment levels increased to 4.2 million, up 1.8% from this time last year. bit.ly/4bNxn1t #VirginiaREALTORS

Here’s a full picture of labor data for South Carolina. The workforce grew by 3,632 workers from the previous month, and this has been coupled with a rise in the unemployment rate. At the same time, the state is working to address gaps between education, #workforcedevelopment, and economic growth to meet the evolving needs of expanding industries like #lifesciences and #manufacturing. Employers should not only assess current #training programs, but plan for future skills and development. As labor and economic trends continue to shift, it's good to stand out and stay ahead.

The Midland Metropolitan Statistical Area (MSA) continues to have the lowest unemployment rate in Texas. In May, the Texas Workforce Commission reported a 2.4% unemployment rate for our region, ahead of Amarillo (2.8%) and College Station-Bryan (3.0%). Odessa’s rate was 3.2%, and the statewide average was 3.8%. Our civilian labor force has also grown. In May, the Midland MSA increased to 115,800, up from 114,000 in May 2023 – a growth rate of 1.57%. We are helping Texas lead the nation in workforce expansion. Let's keep up the momentum, Midland! Unemployment Rates in Texas: Midland: 2.4% Amarillo: 2.8% College Station-Bryan: 3.0% Odessa: 3.2% Statewide: 3.8% Civilian Labor Force in Midland MSA: May 2024: 115,800 May 2023: 114,000 Growth Rate: 1.57%

Maryland's unemployment rate is tied with North Dakota's at the nation's lowest. 📉 🦀 Insights behind the data: 🔸Many left the labor force during the pandemic and haven't returned. From the Maryland report, the demographic with the largest decline was ages 25-44 (mostly women). 🔸 Entrepreneurship on the rise: MD business applications surged 31.4% from 2019 to 022. 🔸In Maryland, there are 3 open jobs for every available worker (as of November 2023) 🔸Employers may have to adapt their job requirements and desired skills if they are struggling to find suitable candidates 🔸The federal government fuels the local economy. There are 60 fed agencies, 14 military installations, and hundreds of sub/contractors. I'll drop the Axios and the MD State of the Economy Report below links below.

Why we should be concerned about the U.S. economy, part 2: we have been losing jobs in multiple private sector industries. Meanwhile, jobs are growing in industries largely supported by government spending, meaning supported by taxes paid by people who work in other industries. The graphic below is just for July 2024; looking at jobs by industry over the past year is even more telling. For the State of Michigan, jobs have declined over the past 12 months in Manufacturing, Retail, Truck Transportation, Finance and Insurance, Professional and Business Service, and Real Estate. At the same time, Education and Health Services, Federal Government, State Government, and Local Government are all up. Unfortunately, there has been a small deluge of articles purporting to tell people they are "wrong" and it is a "myth" that the economy is bad. (I link to ones from NPR the Atlantic and Politifact in a comment.) The correlation here with an election is unmistakable. With inflation continuing to outstrip wages for many families, and the unemployment rate ticking up, and jobs actually declining in many industries, it is not a "misinformation" that people are worried about their jobs and their paychecks. #people #jobs #economy #Manufacturing #Retail #Transportation #Finance #Insurance #Professional #RealEstate #inflation #election ------- As is my custom, here are the data sources: * Data on jobs are from BLS. https://lnkd.in/dbzqX7A5 * The graphic is from the The New York Times article: https://lnkd.in/e8zBwt7E * The state data comes from an excellent Arizona State University calculator using the same BLS data. Follow me on LinkedIn to see these kind of analyses periodically.

Despite an appealing low unemployment rate of 2.8%, a deeper look at Kansas’ labor statistics reveals significant challenges. The labor force participation rate, the share of residents either working or actively looking for work, has dropped to a historic low of 66.1% since 1977, and the workforce has been flat since 2008. This stagnation points to a need for reform policies that do more than temporarily boost employment numbers—they must encourage sustainable work and investment. #ksleg #ksgov READ MORE: https://lnkd.in/g-n6pFpk

Florida’s Economy Continues to Outpace the Nation in 2024 ~Florida’s Private Sector Jobs Up 37,900 Over-the-Month in January 2024~ Florida’s private sector job growth rate which increased by 0.4 percent (+37,900 jobs) in January 2024. This is double the national rate of 0.2 percent over the same period. Florida’s economic data continues to indicate economic stability and confidence among Florida’s workforce as the state’s labor force grew by 2.2 percent (+243,000) over the year in January 2024, which is faster than the national over-the-year rate of 0.8 percent, including 16,000 net new workforce participants in January 2024. Florida’s statewide unemployment rate has been lower than the national rate for 39 consecutive months. The national unemployment rate was 3.7 percent for January 2024, 0.6 percentage point higher than Florida’s rate. To view the January 2024 employment data, visit: https://lnkd.in/e2WQ7riu.

US job growth slowed - with 175,000 jobs added. U.S. unemployment rate still low - but up to 3.9%. Rate for people 25 and older with a 4-year degree or higher is 2.2%. Still a rather healthy job market (full employment considered 3 - 5% or 4 - 6% unemployment depending on which experts you believe). See https://lnkd.in/ewa_zRD

Wisconsin Department of Revenue's excellent Monthly Economic Update is out. Some highlights: Wisconsin employment increased by 4,800 in December, after increasing a revised 3,100 in November. Employment increased 42,700 since December of 2022, an increase of 1.4%. The unemployment rate in Wisconsin, at 3.3% in December, remains below the U.S. rate of 3.7%. The labor force participation rate was 65.9% in December in Wisconsin, up from 64.6% last year. The labor force increased by 80,000 since last December. #economicdata #wisconsin https://lnkd.in/gafHUpF5