!! History Commons Alert, Exciting News

Context of 'May 2008: Jobless Rate Rises in 48 States'

This is a scalable context timeline. It contains events related to the event May 2008: Jobless Rate Rises in 48 States. You can narrow or broaden the context of this timeline by adjusting the zoom level. The lower the scale, the more relevant the items on average will be, while the higher the scale, the less relevant the items, on average, will be.

Environment California releases a report concluding that carbon dioxide emissions have increased dramatically since 1960. The study was based on data collected by the Oak Ridge National Laboratory. The report’s major findings include the following:
bullet Between 1960 and 2001, US carbon dioxide emissions increased by 95 percent from 2.9 billion to almost 5.7 billion metric tons.
bullet The steepest rates of increase in carbon dioxide emissions during that period occurred in the Southeast and Gulf South, which grew by 163 and 175 percent, respectively.
bullet Texas was the leading polluter of carbon dioxide in 2001. In that year, the state was responsible for 12 percent of the nation’s total carbon dioxide emissions. Between 1960 and 2001, the state’s emissions increased 178 percent from 240.7 million to 668.5 million metric tons.
bullet During the period under review, carbon dioxide emissions more than doubled in 28 states. The increases were highest in Texas, Florida, California, Georgia, Louisiana, Indiana, Kentucky, North Carolina, Missouri, and Arizona. [California, 6/2006 pdf file; Environment California, 6/20/2006]

Entity Tags: Environment California

Timeline Tags: US Environmental Record

May 2008: Jobless Rate Rises in 48 States

Unemployment rates in several states rise to their highest levels since 1976. The states are California, Nevada, North Carolina, Oregon, Rhode Island, South Carolina, Florida, and Georgia. There is also a year-on-year increase in unemployment in all 50 states and the District of Columbia. As in all prior months, Michigan leads the nation with 14.1 percent, up from 12.9 percent in April; Oregon is second with 12.4 percent, up four-tenths of a percent from the previous month. Thirteen other states post rates above 10 percent. In recent months, the manufacturing sectors in Michigan and Rhode Island have been decimated, and Chrysler and GM plant closings in early May are particularly devastating to Michigan. Only Vermont has no change in its rate, while Nebraska’s rate decreases 0.1 of a percentage point to 4.4 percent. Both Nebraska and North Dakota tie for lowest unemployment rates while, nationally, the unemployment rate hits a 26-year high as it rises to 9.4 percent, from 8.9 percent in April. The highest regional jobless rate of 10.1 percent is reported in the West, followed by the Midwest at 9.8 percent. Not since September 1983, when the Midwest posted a 10.1 percent rate, has any region recorded a rate of 10 percent or more. The Pacific and South Atlantic regions also post record highs in May. [CNN News, 6/19/2009]

Timeline Tags: Global Economic Crises

As more EU companies lay off workers, unemployment rises to its highest level in more than two years. The EU jobless rate rises from a revised 8.1 percent in December, and above the 7.3 percent figure in January 2008, according to a report from the BBC. Annualized inflation in the 16-nation area falls to 1.1 percent in January, its lowest in nearly a decade, down from 1.6 percent in the year to December 2008. According to EU officials, the EU has been in recession since September 2008. The latest unemployment and inflation figures increase pressure on the European Central Bank (ECB) to further cut interest rates in an effort to bolster the economy and bring inflation closer to its 2 percent target. The ECB trims rates by half a percentage point to 2 percent in January, the fourth reduction since September, when rates stood at 4.25 percent. “January’s rise in unemployment and further fall in core inflation support our view that ECB interest rates have much further to fall,” says Jennifer McKeown, an analyst at Capital Economics. “The downturn in the labor market, and indeed the wider economy, points to a further fall in core inflation in the coming months.” Unemployment among European Union nations is highest in Spain, at 14.8 percent, and lowest in the Netherlands, at 2.8 percent. [BBC, 2/27/2009]

Entity Tags: Capital Economics, Jennifer McKeown, European Central Bank

Timeline Tags: Global Economic Crises

According to the US Labor Department, August jobless rates rise to record highs in California and Nevada; 27 other states see a rise in unemployment as well. Unemployment numbers climb to 12.2 percent in California and 13.2 percent in Nevada. With its unemployment rate rising to 15.2 percent in August, Michigan continues to lead all states, with Rhode Island rounding out the top four states with the highest unemployment since data collection began in 1976. Economists predict that the national unemployment rate will reach 10 percent in 2009, an indication that the recovery will not be led by consumers, although the job market is reportedly showing signs of stabilization, and economic growth may resume in the third quarter. States reporting at least 10 percent unemployment fell from 15 to 14 with Indiana’s rate dropping below the threshold. For a fourth consecutive month, joblessness in the District of Columbia exceeded 10 percent as well, rising from 10.6 percent to 11.1 percent. Nationally, unemployment climbed to a 26-year high, to 9.7 percent. According to Steven Cochrane, director of regional economics at Moody’s Economy.com: “There’s still a fair amount of weakness in some of the larger states. State finances are probably going to be among the last of all the various components of the broad economy to turn around.” Since the recession began in December 2007, the US economy has lost 6.9 million jobs. It is the largest national job loss since the Great Depression.
Jobless Benefits Claims - Ian Shepherdson of High Frequency Economics says first-time unemployment claims have to drop by 100,000 to about 432,000 to be steady with company payrolls. He expects a reasonable decline in first-time claims by next spring. Initial claims categorize those filing their first week of unemployment benefits, while continuing claims reflect those filing each week until the end of their 26-week benefit year. Jobless figures generally do not include those who have moved to state or federal extensions, nor do the figures include those whose benefits have ended. [Bloomberg, 9/18/2009; CNN, 9/24/2009]

Entity Tags: Ian Shepherdson, California, High Frequency Economics, US Department of Labor, Rhode Island, District of Columbia, Moody’s Economy (.com), Nevada, Steven Cochrane

Timeline Tags: Global Economic Crises

Ordering 

Time period


Email Updates

Receive weekly email updates summarizing what contributors have added to the History Commons database

 
Donate

Developing and maintaining this site is very labor intensive. If you find it useful, please give us a hand and donate what you can.
Donate Now

Volunteer

If you would like to help us with this effort, please contact us. We need help with programming (Java, JDO, mysql, and xml), design, networking, and publicity. If you want to contribute information to this site, click the register link at the top of the page, and start contributing.
Contact Us

Creative Commons License Except where otherwise noted, the textual content of each timeline is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike