The Bureau of Labour Statistics just released its monthly estimates of unemployment rates in the states and the District of Columbia, and things are looking pretty good.
The Bureau noted that unemployment rates fell in 32 states and DC, went up in just 3 states, and stayed the same as September in 15 states. Unemployment in every state and DC was below 7%, indicating increasingly healthy labour markets across the nation.
Bank of Tokyo Mitsubishi chief financial economist Chris Rupkey circulated an email after the report with the title “Jobs market is literally on fire in most states in the union.” The email maintains that optimistic tone, and suggests that the geographically broad strength of the labour market could spur the Fed to tighten monetary policy at its December meeting:
“This regional breakdown is just the latest evidence that the economy has reached full employment. Coast to coast from sea to shining sea, the labour market has fully healed. At full employment the Fed can be confident that inflation will eventually move up to their 2% target… Once again, another day, another report from Washington showing us the economy is better than many think. The state-by-state employment trend is just the evidence the Fed needs to assure them that it is time to lift rates.”
Here’s the map showing the unemployment rates in each state and DC:
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