Drop in U.S. jobless claims strengthen December rate hike outlook

Minutes of the Fed policy-setting committee’s October 27-28 meeting published on Wednesday showed officials rallied behind a possible December increase in the US central bank’s benchmark overnight interest rate. The largest over-the-month increases in employment occurred in California (+41,200), Florida (+35,200), and OH (+30,800).

Still, total nonfarm payroll employment in New Mexico grew by 0.3 percent, the 38th consecutive month of over-the-year growth. The manufacturing sector remains above the year-ago number by approximately 700 positions, according to the EDD.

Since the start of the Great Recession sent unemployment in California over 12% in 2010, which was higher than every state except for Nevada and MI, the economic rebound by the state has been very swift. The rate in October, 2014, was 5.2 percent.

In related data, the EDD reported that there were 334,244 people receiving regular Unemployment Insurance benefits during the October survey week. Marshall is at 5.3 percent; Cherokee is at 5.0 percent; DeKalb is at 5.6 percent; and St. Clair is at 4.9 percent.

“The Jacksonville area has continued to add jobs and the unemployment rate continues to drop because of our priority to cut taxes and diversity our economy”, Scott said. It sits just above the national average of 5 percent.

Employers with the most job ads included Walmart, St. Elizabeth Community Hospital, Tehama County Health Services Agency, Love’s Travel Shops and Taco Bell. All divisions except the Mountain had significant rate changes from a year earlier, all of which were declines.

Over the past year, the jobless rate has decreased six-tenths of a point as nonfarm payrolls have increased 51,900.

Leisure and hospitality’s job growth rate leads the state for the 12 months through October at 5.3 percent.

The City of Nacogdoches saw its jobless rate hold steady at 4.6 percent.

The state lost 2,200 jobs in October and Connecticut’s unemployment rate last month was 5.1 percent, down from 5.2 percent in September. 1 percent in the last month.