Unemployment Rate Drops in 17 States in July
The US Labor Department on Friday said that the government's stimulus package is now showing its effect as it helped some 17 States to lower the jobless rate in the area in July, giving signs that the recession has finally bottomed down.
The US Labor Department on Friday showed that the unemployment rate in some 17 States has dropped significantly in July, as well as, the number of people filing jobless claims fell by more than two digits, giving consumers a sigh of relief after months of recession.
Labor analysts said that it is a welcoming development in the US jobs market as only five states recorded a dip in its job rates in July mainly because of auto industry surge and other stimulus package put by the government to its economy.
However, the Labor Department also showed that the number of people without jobs remains at an alarming rate with some 26 States filing high number of unemployment.
Based on record, the jobless rate in the US remains at 9.4 percent mark as more analysts suggested it will last until next year, with the possibility to reach the 10 percent mark.
Meanwhile, the Labor Department data showed that 15 States, including the District of Columbia, registered more than 10 percent in its jobless chart. But the heads of the states said that the worst is over, saying that they are well on their way to recovery.
Experts said that it was the first time in the US economic history that a state dropped to more than 15 percent in jobless rate since 1983.
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