The latest news is all about recession. Yep, the National Bureau of Economic Research announced yesterday that the nation has been in a recession since December 2007.
Over the coming months, we are going to be pointing out how this recession is different for Minnesota than the 2001 recession. One difference is unemployment.
Last recession, Minnesota’s unemployment rate stayed well below the national average. But that’s different this go around. Since January 2007, Minnesota’s unemployment rate has risen above the national average six times. In October, Minnesota’s unemployment rate inched up to 6.0%. We’ve lost more than 16,000 jobs over the last year.
Now to add some context to the mix: Minnesota’s unemployment, calculated as a three-month average for August – October 2008, has risen 52% compared with the same period two years ago. Only nine other states experienced unemployment increases of 50 percent or higher (although it could be worse: Florida saw an increase of 104%!). About half of the states (including D.C.) saw increases of 30% or more. Only three states have not had unemployment increases.
Is anyone else feeling like the “invisible hand” has been all thumbs?