The unemployment rate has topped 10 percent in at least 15 states across the country and the District of Columbia, according to data that was released on Friday July 17, 2009. The state of Michigan is suffering with a 15.2 percent unemployment rate, which is the highest unemployment mark since 1984 for any state in the country. The Federal Reserve estimates that the unemployment rate in the country currently sits at 9.5 percent and is expected to reach 10 percent by the end of the calendar year.
Government officials are worried that it might take anywhere from five to six years for the economy to get back on track. How will it get back on track? The answer is simple; consumers have to return themselves to a regular spending groove and the price of housing must rise back to what it once was before the market went downhill. This seems easier said than done though for most people.
Aside from the state of Michigan, the other 14 states to top 10 percent in unemployment were Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Nevada, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee. Michigan is suffering so much during the longest running recession since World War II because of all the struggling automotive companies in their state. The majority of jobs lost in the state are auto factory jobs.
North Dakota, South Dakota, and Nebraska had the lowest unemployment rates for the month of June with 4.2, 5.1, and 5 percent respectively. Michigan’s highest rate of unemployment for one month was 16.9 in the month of November.