North Dakota Unemployment at 2.6%

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By Douglas A. McIntyre Published
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Fueled by the shale oil boom, almost everyone in North Dakota has a job. According to the Bureau of Labor Statistics, the unemployment rate in state during May was 2.6%. Several other states have rates under 4%, as the jobs recovery spreads across large portions of the country. In other places, unemployment levels remain unusually high.

The plains states have gotten the best of it. They are sparsely populated, and many rely on just one or two successful industries that have stayed economically healthy. The jobless rate in South Dakota was 3.8% in May. In Nebraska the number was 3.6%, in Utah, 3.6%, in Idaho, 4.9%, and in Wyoming, 3.8%. The only other pocket of low joblessness was in the far Northeast. The unemployment rate in Vermont in May was 3.3% and in New Hampshire, 4.4%. Again the populations of the states are low.

The old industrial states have not fared nearly as well. Against a national unemployment rate of 6.3%, several states are more than a point higher than that. Michigan was among them at 7.5%. And in Detroit, the rate was 8.2%. The city has lost half its population since 1950 and now stands at about 700,000 — mostly due to trouble in the car industry. The unemployment rate in Illinois was 7.5%, driven to some extent by much higher joblessness in its older manufacturing cities, south and east of Chicago. The jobless rate in Rhode Island, which once had a mostly manufacturing economy, was at 8.2%. And the state with the highest population and most diverse economy, California, was at 7.6%. In some cities in the central valley of the state — the economy dominated by agriculture and currently plagued by drought — the rates are in the double digits.

Finally, the agency reported, in sum:

Regional and state unemployment rates were generally little changed in May. Twenty states had unemployment rate decreases from April, 16 states had increases, and 14 states and the District of Columbia had no change, the U.S. Bureau of Labor Statistics reported today. Forty-nine states and the District of Columbia had unemployment rate decreases from a year earlier and one state had an increase. The national jobless rate held at 6.3 percent in May but was 1.2 percentage points lower than in May 2013.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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