Jobless Rate Down? Good News for the Economy?

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Bloomberg News has reported that the unemployment rate decreased in 36 states in the month of November. The states with the biggest decline in unemployment were Kentucky (from 11.3% down to 10.6%) and Connecticut (from 8.8% to 8.2%).

However, some states have bucked the trend, such as Georgia, where the U.S. DOL reports the jobless rate increased in November to 10.2%,, up one-tenth of a percent.

The overall U.S. unemployment rate is close to a 26-year high, with economists forecasting that the rate will exceed 10% through June 2010 (in November it fell from 10.2% to 10% nationwide). Ten states currently have an unemployment rate of 10% or more, which experts say will continue to stagnate consumer spending.

With 7.2 million jobs lost during this current economic downturn, the market for labor should be strong for employers who take the time to carefully screen and scrutinize candidates for jobs. In addition, the vast labor pool might serve as an incentive for employees to perform their very best, knowing that many qualified individuals are available for work as replacements.