Economic Recession Prediction Proven Wrong

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Not so long ago, there were widespread concerns among economists and well-informed individuals about a looming economic recession in the summer of 2023. However, recent data from the Bureau of Labor Statistics indicates a different story. Surprisingly, the unemployment rate decreased in seven states between June and July, indicating a resilient labor market across the country.

Strong Labor Market Across the States

Contrary to predictions, the majority of states have maintained a robust labor market. Among the states, New Hampshire recorded the lowest unemployment rate at 1.7%. Interestingly, a significant number of states (36 in total) are currently at or below the historically-low national unemployment rate of 3.5%. On the other hand, 14 states, along with Puerto Rico and D.C., are experiencing higher levels of unemployment.

Positive Employment Trends

The employment sector experienced positive growth in four states: Vermont, Hawaii, Florida, and Indiana. These states witnessed an increase in employment compared to the previous month. In contrast, employment numbers were mostly stable, with insignificant changes observed in 46 states and D.C. This indicates general employment consistency across the country.

Detailed Data Sources

The above findings are based on two different surveys. The unemployment rate data is derived from the Local Area Unemployment Statistics program, which conducts household surveys. On the other hand, data on nonfarm payroll employment is obtained through surveys conducted among employers and establishments.

For a more comprehensive understanding of the employment scenario, you can explore our interactive tool that provides a breakdown of nonfarm employment by industry.

Feel free to refer to the following list for detailed state-wise unemployment rates and employment statistics.

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