The unemployment rate for March dropped to 7.6 percent percent, according to the BLS report issued on April 5, 2013 but the decrease did not come from more people finding work, but because 663,000 people dropped out of the workforce, making this the largest monthly decrease in labor participation since January 2012. There are now 90 million people able to work, but are no longer bothering to look for work.
In December 2011, James Glassman, senior economist at JP Morgan Chase and Co. in New York, stated "You’d like to see the unemployment rate coming down when people are coming into the job market, not disappearing."
This follows Thursday's Unemployment Insurance Weekly Claims report, issued by the Department of Labor, which reported that for the "week ending March 30, the advance figure for seasonally adjusted initial claims was 385,000, an increase of 28,000 from the previous week's unrevised figure of 357,000. The 4-week moving average was 354,250, an increase of 11,250 from the previous week's unrevised average of 343,000."
Via CNBC:
Initial claims for state unemployment benefits increased 28,000 to a seasonally adjusted 385,000, the highest level since November, the Labor Department said on Thursday.
It was the third straight week of gains in claims. Coming on the heels of data on Wednesday showing private employers added the fewest jobs in five months in March, the report implied some weakening in job growth after hiring accelerated in February.
This explains why food stamp usage, in the Supplemental Nutrition Assistance Program (SNAP) has soared 70% since 2008 to a record 47.8 million as of December 2012. Congressional budget analysts think participation will rise again this year and dip only slightly in coming years. (Source)
Areas still at or above official unemployment rate: (seasonally adjusted)
Arizona- 7.9%
California- 9.6%
Connecticut- 8.0%
D.C.- 8.6%
Florida- 7.7%
Georgia- 8.6%
Illinois- 9.5%
Indiana- 8.7%
Kentucky- 7.9%
Michigan- 8.8%
Mississippi- 9.6%
Nevada- 9.6%
New Jersey- 9.3%
New York - 8.4%
North Carolina- 9.4%
Oregon- 8.4%
Pennsylvania- 8.1%
Rhode Island- 9.4%
South Carolina- 8.6%
Tennessee- 7.8%
Data obtained from Bureau of Labor Statistics on the Local Area Unemployment Statistics page. (Right side)
