Unemployment Rate Fell Below 2% in Nebraska

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Economy

Millions of people from New York to San Francisco lost their jobs in 2020. So, it is not surprising that analysts, investors and government officials are concerned about the state of the country’s economy. Hopefully, the world’s largest economy continues to recover from the Covid-19 pandemic. The unemployment rate in Nebraska dropped below 2%. Importantly, Nebraska recorded the lowest unemployment rate in October compared to other states. 

Its unemployment rate fell to 1.9% in October according to information provided by Nebraska’s Department of Labor and the Bureau of Labor Statistics. For the first time in history, the jobless rate declined below 2%. 

It is worth mentioning that Nebraska maintained its status as the U.S. state with the lowest unemployment rate for much of the pandemic. Importantly, the state had to deal with a chronic worker shortage from the beginning of the pandemic. Companies are struggling to find new employees in Nebraska. As a result, it is harder for them to expand their operations.

 The state’s Governor Pete Ricketts also made a comment regarding Nebraska’s unemployment rate. Ricketts stated that Nebraska achieved the lowest unemployment rate of any state in history.

 The situation was more complicated in other states. In October, the national, seasonally-adjusted jobless rate in the U.S. was 4.6%.

 

Unemployment in Nebraska and Virginia 

As previously stated, the jobless rate dropped below 2% in Nebraska. Hopefully, the jobless rate also declined in Virginia. Last week, Virginia’s Governor Ralph Northam made an interesting announcement. He announced that the seasonally adjusted unemployment rate dropped to 3.6% in October, as the state’s labor force rose to 4,256.634.

Furthermore, the number of employed residents in Virginia rose to 4,102.508, an increase of 13,484. The state’s seasonally adjusted unemployment rate continues to be below the national rate of 4.6% 

Virginia’s Secretary of Labor Megan Healy also commented on the jobless rate. Healy stated that employers and employees are working together to boost the economy.

 In Virginia, the total nonfarm payroll employment grew by 19,400 jobs in October. During the same period of time, the number of unemployed residents decreased by 7,566 to 154,126. 

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