Unemployment Rate Falls to 9.7% in January 2010

Job Hunters' Treasure Map – where you have the best chance of finding and keeping a job

The year got off to promising start, with the national unemployment rate falling to 9.7% in January 2010. This was encouraging after December’s disappointing employment setback. Additionally, there was a reduction in the number of people who are forced to work part-time for economic reasons.

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In terms of state unemployment, North Dakota retains the lowest unemployment rate. The job situation in North Dakota has remained relatively stable. However, it is important to note that even though the unemployment rate is low, job creation in North Dakota has been somewhat tepid. States providing energy have been seeing job creation. Nebraska has a low unemployment rate, and is offering a good job market, due to its position as an ethanol producer (all that corn), and as a beneficiary of a commodities market that has been relatively strong. Louisiana and Texas, two other energy producing states, have seen some good job creation.

Job markets that have remained fairly weak include Michigan and Nevada. However the jobs shed in those states have been moderating recently. California, on the other hand, continues to shed jobs – especially as the state government continues to experience budget problems. State jobs are being cut, and hiring freezes are in effect. If you are looking to relocate for a better job opportunity, you might be better off avoiding these states, which are showing the most difficulty in producing a job market recovery.

Even though the unemployment rate in January showed improvement, there is still a long way to go before we see a national job market recovery. We are likely to see fits and starts, and it is quite possible that we see more ups and downs in the national unemployment rate before we see sustained, positive downtrend.