November Jobs Report: 45 States See Decrease in Unemployment Rate

by Modis on December 17, 2015


The Bureau of Labor Statistics’ Regional Jobs Report for November is out and the news is mostly positive for job candidates. 45 states (plus the District of Columbia) have experienced a drop in unemployment rates year-over-year. For the IT industry, the news was even better. Since last year, 46 states added IT jobs to their workforces. Good to hear as we approach 2016.

The Federal Interest Rate Rises

You probably heard that the Federal Reserve raised interest rates by 0.25%, but what does it mean for the labor market? While the hike potentially makes it more difficult for companies and consumers to borrow money and pay off debts, there are positives that come from this. First and foremost, it’s a sign of a healthy economy. The Federal Reserve wouldn’t go through with this if the economy wasn’t healthy enough to absorb it. Also, if we look back on history, this is actually an encouraging sign for the job market. According to John W. Schoen of CNBC, “If past rate hikes are any guide, the odds are the job market will continue to improve… In the months following the last six moves to raise rates, the jobless rate continued to fall — with the biggest job improvements coming in the recovery from the 1981 recession. On average, the jobless rate fell by another six-tenths percent during the last six rate-hike cycles.”

In-Depth Look: IT Industry

The tech industry continues to see an unemployment rate that hovers right at 3.4%. Here are the top five states that added the most IT jobs this month:

  • Florida +6,400 IT jobs added
  • Texas +5,500 IT jobs added
  • North Carolina +4,000 IT jobs added
  • Washington +3,600 IT jobs added
  • New York +2,900 IT jobs added

Here are the top states with the highest IT job growth and highest overall job growth year-over-year:

  • California +116,000 IT jobs and +417,100 total jobs added since November 2014
  • Florida +48,000 IT jobs and +239,600 total jobs added since November 2014
  • Texas +39,400 IT jobs and +179,300 total jobs added since November 2014
  • New York +28,400 IT jobs and +172,000 total jobs added since November 2014
  • Massachusetts +23,800 IT jobs and +76,800 total jobs added since November 2014

Regional Unemployment Rates Decline Year-Over-Year

In November, the Midwest had the lowest unemployment rate at 4.6% and the West experienced the highest rate at 5.4%. Here’s at look at the regional unemployment figures:

  • West -0.1% from October to November, -1.0% year-over-year
  • Northeast 0% from October to November, -0.8% year-over-year
  • Midwest 0.1% from October to November, -0.8% year-over-year
  • South 0.1% from October to November, -0.5% year-over-year

Region-by-Region Fast Facts

Build Your Most Talented IT Team

A primary way to attract and retain talent, especially dwindling IT talent with the experience and skills you need, is by offering the right pay. Our 2016 Salary Guide ensures you know exactly what to pay every type of tech professional in your local market. Our guide also goes a bit beyond salaries and explores trends you need to be aware of in 2016. Be sure to request your free copy today!

Related Posts

Leave a Comment

Previous post:

Next post: