(National Sentinel) So Much Winning: Fourteen states have now established new record-low unemployment levels over the past year, almost a decade after the Great Recession of 2008-09 put millions of Americans out of work.
With growth rates in the neighborhood of 3 percent per quarter since President Donald J. Trump, the GOP Congress and his administration began slashing regulations and cutting taxes, more states are putting more people to work than they have in years.
As reported by The Hill:
The states hitting new unemployment lows run the ideological gamut, from conservative Texas to liberal California, suggesting a recovery stronger than any particular political persuasion.
In March, eight states saw new record lows, including Hawaii (2.1 percent), Idaho (2.9 percent), Kentucky (4 percent ), Maine (2.7 percent), Mississippi (4.5 percent), Oregon (4.1 percent) and Wisconsin (2.9 percent).
California also set a new record last month. The Golden State’s unemployment rate stands at 4.1 percent, according to the Bureau of Labor Statistics (BLS). That’s the lowest rate recorded since BLS began keeping track of state-level unemployment figures in 1976, and it’s a third of the 12.3 percent unemployment rate California notched at the height of the recession in December 2010.
Other states are also doing well. In Colorado, the unemployment rate is only 2.6 percent — among the nation’s lowest — and just one-third of its 2010 peak of 8.9 percent.
Meanwhile, in Alabama the unemployment rate has fallen to 3.7 percent, while the rate was 3.6 percent in Arkansas in May 2017.
North Dakota set a record last year as well, while Texas had an unemployment rate of 3.9 percent in November after rising to 8.3 percent during the Great Recession. In January, Tennessee’s rate fell to 3.3 percent, its lowest ever.
According to the Bureau of Labor Statistics, Hawaii’s unemployment rate is the lowest in the country. Rates are below 3 percent in Idaho, Iowa, Maine, Nebraska, New Hampshire, North Dakota and Wisconsin.
Because the job market is tightening, that means businesses are having to compete for workers rather than workers looking for hard-to-find jobs. Typically, that leads to higher wages as businesses try to attract quality workers.
Wages have been stagnant throughout the recession, but economists are now looking for signs that wages are rising.
Throughout President Obama’s eight-year tenure in office gross domestic product never reached 3 percent in any single quarter. And there was a time when many pundits believed the country’s best days were behind it.