This Tiny East Coast State Has Serious Unemployment Problems

Rhode Island

Photo: Flickr Tom

We’ve covered crazy employment trends in North Dakota, Michigan and Nevada.But we realised this morning that we were missing out on a major story in the heart of New England.

The situation in Rhode Island, whose state motto is simply “Hope,” is looking right hopeless.

Unemployment in the Ocean State stands at 11%, according to BLS data released today.

That’s second-highest in the nation after Nevada, which has a 12.3% unemployment rate.

They’re also one of the only states to have net jobs losses compared to February of last year.

And Bloomberg reports that the city of Providence will likely go bankrupt soon.

Big problems for such a small state!

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.