Jobless Rates Reach 10 Percent in 7 States
With the worsening economic condition now on its second year, the Labor Department said 7 states have reached more than 10 percent unemployment rate in February. According the report, Rhode Island and North Carolina hit record-high joblessness.
Meanwhile, experts believe that weak labor market is a result of global recession which started last year.
The Labor Department on Friday said that unemployment rate rose by 8.1 percent in February which is the highest in 25 years, with seven states having 10 percent of its total population jobless, according to AP report.
The department said Rhode Island and North Carolina have experienced double-digit jumped in unemployment rate with 10.5 percent and 10.7 percent, respectively.
States which have more than 10 percent unemployment rate, according to the government agency: Michigan with 12 percent which is the highest in the country; South Carolina coming in second with 11 percent; Oregon with 10.8 percent; North Carolina with 10.7 percent; California and Rhode Island both in fifth place with 10.5 percent; and Nevada with 10.1 percent.
Meanwhile, experts warn that jobless rate is expected to get worse this March which can reach 8.4 percent. This means that the currently unemployed 5.56 Americans, which is an all-time high since 1967, will rise before the end of this month.
To boost the market labor and the overall economy, the Federal Reserve lowered the lending rate to an all-time low almost near zero in addition to various stimulus money injected to the American community.
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