•Analyze the factors that drive supply and demand, different types of market structures in a free enterprise system, and factors of stability in a nation’s economy

Unemployment Rates for States

Unemployment Rates for States

Monthly Rankings
Seasonally Adjusted
Aug. 2013p Rank State Rate 20 NEW MEXICO 6.8 22 COLORADO 7.0 22 FLORIDA 7.0

48 MICHIGAN 9.0 49 RHODE ISLAND 9.1 50 ILLINOIS 9.2 51 NEVADA 9.5

http://www.bls.gov/web/laus/laumstrk.htm: bureau of labor statistics

From the e-Activity, compare the unemployment rates in the U.S. and prepare a table of your state’s rate with the two states with the next lowest unemployment rates.

I am a resident of Florida, I strongly believe that the housing crush back in 2006-2008 started our decline to the jobless rates, along with many of the shady schemes that were being done by investors and realtors in the market, many people were purchasing homes, and a lot of mistakes were made to homeowners who have since then suffered from foreclosures, bankruptcy and job losses. Much of Florida also had to do with tourism, when the economic bust happened, a lot of people in the entertainment and service industry also got hit badly, because they found themselves out of a job.

From the e-Activity, analyze one unique factor that contributed to the unemployment rate for each of these three states.

Many Florida residents would travel north for the summer to places like Nevada to gamble and have a good time, when the market crashed; they also got affected because of their heavy service industry. Most states also had some level of fall out because the real estate market, whiles states
I am a resident of South Carolina and I would say that the unemployment rate is 8.1 because the tremendous amount of jobs lost since 2001. South Carolina’s job losses hit major industries such as automotive manufacturing, forestry, restaurant and tourism. South Carolina exceeds the national unemployment rate of 7.8 for the reason that there are over 182,900 people without work which accounts for the steady increase in the unemployment rate. Another contributing factor is that a lot of people are migrating to South Carolina and looking for work; proving the demand is greater than the supply of work.

High unemployment rates are taking its toll on families in Mississippi. However, African American families are taking the brunt of economic suffering because of the large population of unemployed people. Although Mississippi’s unemployment rate is 8.5, the unemployment rate of African Americans is 14.3 percent which is twice the Caucasian rate of 5.4. Roughly, about one in seven African Americans in Mississippi are unemployed, and these workers have stopped looking for work which ultimately added to the human cost of an economic collapse and slow economic recovery.

California unemployment rate is 8.7 due to the fact of the significant amount of people dropping out of the labor force. This is because of the decline in the labor force because of a rise in part time works who wants full-time work. The golden state had a net gain in jobs over the last few years, especially in higher paying industries which reflect a positive sign for the state that is steadily adding more jobs. Unfortunately, about 36,000 haven’t taken advantage of the new jobs available because they are discouraged or just gave up looking for work.

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October 15, 2013 10:17:25 PM EDT6 days ago Access the profile card for user: Volha Siadova Volha Siadova Attachment Email AuthorRE: Week 2 Discussion 1 Collapse Total views: 67 (Your views: 3)Overall Rating:12345Your Rating:12345
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Author: Access the profile card for user: Ondrea Freeman Ondrea Freeman
Date: Monday, October 14, 2013 2:14:54 PM EDT
Subject: RE: Week 2 Discussion 1
Unemployment Rates in the United States

South Carolina 8.1 Mississippi 8.5 California 8.9

I am a resident of South Carolina and I would say that the unemployment rate is 8.1 because the tremendous amount of jobs lost since 2001. South Carolina’s job losses hit major industries such as automotive manufacturing, forestry, restaurant and tourism. South Carolina exceeds the national unemployment rate of 7.8 for the reason that there are over 182,900 people without work which accounts for the steady increase in the unemployment rate. Another contributing factor is that a lot of people are migrating to South Carolina and looking for work; proving the demand is greater than the supply of work. High unemployment rates are taking its toll on families in Mississippi. However, African American families are taking the brunt of economic suffering because of the large population of unemployed people. Although Mississippi’s unemployment rate is 8.5, the unemployment rate of African Americans is 14.3 percent which is twice the Caucasian rate of 5.4. Roughly, about one in seven African Americans in Mississippi are unemployed, and these workers have stopped looking for work which ultimately added to the human cost of an economic collapse and slow economic recovery. California unemployment rate is 8.7 due to the fact of the significant amount of people dropping out of the labor force. This is because of the decline in the labor force because of a rise in part time works who wants full-time work. The golden state had a net gain in jobs over the last few years, especially in higher paying industries which reflect a positive sign for the state that is steadily adding more jobs. Unfortunately, about 36,000 haven’t taken advantage of the new jobs available because they are discouraged or just gave up looking for work.
Ondrea,

I am agreed that South Carolina as well as many other states were affected by the high unemployment. Although, I think that the overall economy health is becoming better. Many employers are taking advantage of the economic crisis, but at least they started to hire new employees. You listed the migration factor as one of the reason for high unemployment rate in South Carolina. Why would people move to the state with no job opportunities?

Volha

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October 17, 2013 10:18:20 PM EDT4 days ago Access the profile card for user: Samantha Edwards Samantha Edwards Attachment Email AuthorRE: Week 2 Discussion 1 Collapse Total views: 34 (Your views: 2)Overall Rating:12345Your Rating:12345
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Author: Access the profile card for user: Volha Siadova Volha Siadova
Date: Tuesday, October 15, 2013 10:17:25 PM EDT
Subject: RE: Week 2 Discussion 1
Ondrea,
I am agreed that South Carolina as well as many other states were affected by the high unemployment. Although, I think that the overall economy health is becoming better. Many employers are taking advantage of the economic crisis, but at least they started to hire new employees. You listed the migration factor as one of the reason for high unemployment rate in South Carolina. Why would people move to the state with no job opportunities?
Volha
Hello Volha, what i have see also is a lot of people migrating from Florida to Georgia which also has a high unemployment rate a well, but what i have also come to find out is that inspite of that, the homes, rent and cost of living seems to be a little cheaper in Georgia than is is in Florida, i have a few friends who left because they have family there who can help them out, and the unemployment income actually goes a longer way to expenses than it does in the state of Florida, do not know how true it is, but that seems to be the consensus among friends here, Ondrea, may have similar feedback.

samantha

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Posted : October 18, 2013 3:30:23 PM EDT
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Posted : October 14, 2013 4:28:49 PM EDT
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Posted : October 15, 2013 3:56:37 PM EDT
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