Friday, April 17, 2009

State Unemployment Spike (and Oregon Struggling)

All States (click for ginormous chart)

States w/ Statistically Significant Unemployment Rate Changes


Reader Thomas asks the question:

Any particular obvious reason why Oregon is hit so badly? Somehow, it wasn't on my list of usual suspects. Did they have lots of construction jobs?
I was wondering the same thing. The Statesman Journal ponders the question.
The question on everyone's mind is why Oregon's unemployment rate has risen so high, Cooke said.

"We don't have definitive answers," he said. "We have some ideas as what is the likely cause."

California, which has suffered a strong economic hit with the bursting of the housing bubble, is likely dragging down Oregon's economy, he said. California's unemployment rate is the nation's fourth highest at 11.2 percent.

The housing bust also has affected demand in Oregon's lumber and wood products industry, Cooke said.

Demand for mobile homes and other durable goods made in Oregon also is down.

And there's no good news on the horizon.

Source: BLS