Earlier this month, we learned that the national unemployment rate unexpectedly fell to 7.7 per cent in February.
State-level data comes on a lag. However, the new January state unemployment report confirms that the jobs market continues to get incrementally better.
In a post on his Calculated Risk blog, Bill McBride notes that there are now no states with double-digit unemployment rates. This is the first time that has happened since 2008.
Here’s a chart from McBride showing current unemployment rates against recession highs:
Photo: Calculated Risk
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