Just Over One Third of the States Will Return to Prerecession Peak Employment by End of 2013, Accord
Just Over One Third of the States Will Return to Prerecession Peak Employment by End of 2013, According to IHS
Nearly half the states will have unemployment rate of 7.0 percent or above
LEXINGTON, Mass.--(BUSINESS WIRE)-- Six years after the beginning of the Great Recession, only 18 states will have returned to prerecession peak employment by the end of 2013, according toIHS Global Insight's US Regional Service.
Three states - Michigan, Rhode Island and Nevada - won't see a return to peak employment until 2018 or beyond. During the recession, Michigan and Rhode Island were hit with a major downturn in manufacturing while Nevada's economy was hit hard by the collapse of the housing market. IHS Chief US Regional Economist James Diffley added, "Florida, though perennially among the states with the fastest rates of job growth before the housing downturn, will not return to its peak employment until the third quarter of 2016."
Peak employment is defined as the maximum level of employment prior to the onset of the Great Recession.
IHS also forecasts unemployment rates to remain high through the end of the year, as previously discouraged job seekers reenter the workforce. By the fourth quarter of this year, Michigan, Rhode Island, Illinois, and California will have unemployment rates close to nine percent, while Nevada will register a rate of 9.6 percent.
Some states, such as resource-rich Alaska, North Dakota and Texas returned to peak in 2010-2012, as did New York.
For a state-by-state listing, contact press@ihs.com
About IHS(www.ihs.com)
IHS (NYS: IHS) is the leading source of information, insight and analytics in critical areas that shape today's business landscape. Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs approximately 8,000 people in 31 countries around the world.
IHS is a registered trademark of IHS Inc. All other company and product names may be trademarks of their respective owners. Copyright © 2013 IHS Inc. All rights reserved.
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