More than half of the US saw a drop in the unemployment rate in July, and a record number of 22 of those states had an unemployment rate of 3% or less, another statistic against a US recession.
According to Department of Labor statistics, Minnesota had the lowest rate last month, at 1.8%, followed by Nebraska, New Hampshire and Utah at 2%.
The unemployment rate is well below the national average of 3.5% in 28 states, the lowest level in 50 years, and this year it reached an all-time low in 26 states.
The statistics are encouraging for President Joe Biden. Approval rates were low in the midterms due to the worst inflation in the past 40 years and economic stagnation that some call “the stagnation.”
“Americans all over the world are returning to work in droves,” he stated.
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Despite the abundance of labor in the United States, not all regions and sectors are expanding. Employment decreased by 11,400 and 12,400 in Tennessee and Kentucky, respectively.
The number of workers in the construction sector is lower than it was a year ago in nine states, including New York and New Jersey.
The sector is vulnerable to lending rates, which the Federal Reserve raised this year by 225 basis points to fight the highest rate of inflation in the past 40 years. Perhaps due to the sudden increase, the builders had to revise their plans.
Compared to the previous year, the number of people employed in the construction sector in Minnesota has also decreased, but this may be due to a lack of workers able to fill jobs.
Additionally, the release of data from the Bureau of Labor Statistics indicates that the state has more than 200,000 available jobs.
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