Goldilocks Rocks in Alabama; Record Low Un Rate
Birmingham, AL -- Alabama's jobless rate fell to an historical record low of 3.1% in October, state labor figures released Friday show (see graph above). October's rate of 3.1% was almost 3.5% below the average unemployment rate of 6.55% from 1976-2007, and provides further evidence that the U.S. economy is not on the verge of going into a recession.
A full report on October state unemployment rates is due from the BLS on Tuesday.
A full report on October state unemployment rates is due from the BLS on Tuesday.
5 Comments:
,October's rate of 3.1% was almost 3.5% below the average unemployment rate of 6.55% from 1976-2007, and provides further evidence that the U.S. economy is not on the verge of going into a recession.
Or maybe it's just an indication that the Gulf Opportunity (GO) Zone program is actually working. I don't see why it wouldn't with the immense tax benefits it offers even highly leveraged ignorant inexperienced amateur armchair "investors."
A whole industry has sprung up that has the sole purpose of procuring investors money for the GO Zone.
Google it. "GO Zone"
The majority of the country is not part of the artificial boost to the economies of those regions known as the GO Zone. Therefore Alabama is not a suitable measure of this country's overall economic health.
"The majority of the country is not part of the artificial boost to the economies of those regions known as the GO Zone. Therefore Alabama is not a suitable measure of this country's overall economic health"...
Well that might be true but A @ 1:39 A.M. does offer a perfect rationale for why tax cuts work it seems...
Anonymous:
But the full GO program only applies to 11 Alabama counties out of 67, and the amount of benefits for Alabama is limited to less than 50% of Mississippi's limit, and only about 25% of Louisiana. Is that amount of tax benefits really enough to send a state's jobless rate to an historical record low, without other factors playing a role?
Mississippi got much greater benefits from the GO program than Alabama, and its current unemployment rate (6.4%) isn't even close to Mississippi's historical low (4.9% in Jan 2001)? How do we explain that?
Mark J. Perry said...
Mississippi got much greater benefits from the GO program than Alabama, and its current unemployment rate (6.4%) isn't even close to Mississippi's historical low (4.9% in Jan 2001)? How do we explain that?
Just a second there Mark, you are the one that said Alabama's 3.1% unemployment rate for October 2007 was almost 3.5% below the average unemployment rate of 6.55% from 1976-2007, and provides further evidence that the U.S. economy is not on the verge of going into a recession.
You could just have well said that...
Mississippi's jobless rate rose to 6.4% in October, state labor figures show. October's rate of 6.4% isn't even close to Mississippi's historical low (4.9% in Jan 2001), and provides further evidence that the U.S. economy is on the verge of going into a recession.
Mississippi's unemployment rate in 2006 averaged 6.8%, and has averaged 6.4% this year. The September 2007 rate was 6.4%, same as this year's average. Compared to the September 2006 rate of 6.8%, this year's September's jobless rate has improved to 6.4%. Therefore we can say that Mississippi's economy in 2007 is better than 2006, and September 2007 is better than September 2006.
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