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August Joblessness Hit 10% In 14 States And D.c.

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http://www.nytimes.com/2009/09/19/business...mp;ref=business

In 14 states and the District of Columbia at least a tenth of the work force was unemployed in August, according to a Bureau of Labor Statistics report released Friday.

Even as some economic indicators in housing and elsewhere showed signs of improvement, jobless rates declined in 16 states from July to August. In every other state the portion of workers who could not find jobs stagnated or, in most places, grew.

Compared with the same time last year, unemployment rates increased in every state and the District of Columbia, fueling expectations that the many government efforts to tame the recession will not prevent a jobless recovery.

“We’re not really seeing recovery anywhere yet, and it’ll still be awhile before we see much of a difference,†said Dean Baker, co-director of the Center for Economic and Policy Research.

The regions that have been hit hardest — primarily those with once-bustling construction and manufacturing industries — continue to suffer, Mr. Baker said. “The only positive news, probably going into next year, will be slower rates of decline, not job additions.â€

Michigan continued to have the country’s highest jobless rate, at a seasonally adjusted 15.2 percent, compared with a national rate of 9.7 percent. In the Detroit metropolitan area, the rate reached 17.3 percent.

Nevada and Rhode Island followed Michigan, with unemployment rates of 13.2 percent and 12.8 percent, respectively. The rates in Nevada, Rhode Island and California — where unemployment reached 12.2 percent — were the highest on record for those states.

At what rate of unemployment do we need to declare the jobless recovery fully underway?

I wonder if someone in the Treasury will start revising the stress tests done at the start of the year at the banks.

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