U.S. Unemployment Drops At A Staggering Rate

U.S. Unemployment Drops At A Staggering Rate

U.S. Labor Deparment reported that the Employment rate hit the records and fell to a staggering low level since 1976. In Hawaii the unemployment rate fell to 2% percent, the lowest in years. Mississippi fell at 4.6% percent. In California the rate is 4.3% percent. There were only 2.1 million jobs added by employers calculating these vacancies in 50 states.  When the unemployment rate falls hiring goes down. In economics it is just like inflation based on supply and demand. The demand are the job vacancies and the supply are the workers. According to reports nationwide, employers added 148,000 jobs last month in the U.S. 

The less demand in the industries, the less supply there are of workers and the unemployment rate goes up. Demand in industries that never change are such as medical, real estate, education, and technology. The top cities with largest job increases are Oregon, Wyoming, Nevada, Montana, Utah. However, statistically these areas have less concentration of minorities. In 2017, Nevada had the largest increase in employment rates. The emploment rate has been consistent in 37 other states. 

Alaska had the highest growth rate of jobs at 7.3% percent. The Labor Department also reported that employers did not see any significant changes in there states in the U.S. The population in states with declining employment rates protest otherwise. Many as a result of unemployment have taken the "Entrepreneur" route such as finding work from home programs and creating their own businrsses.

Source

Press, The Associated. “Unemployment rates hit record lows in 3 US states last month.” ABC News, ABC News Network, abcnews.go.com/Business/wireStory/unemployment-rates-hit-record-lows-us-states-month-52553854.