Manfred Keil and Ethan Sattley at The Sun:
California has the highest state unemployment rate, at 5.3%, beating Nevada by 0.2 percentage points. South Dakota is in first place with 2.0%. While we do not see you packing your bags for a move to the Badlands or even a stay in a luxury hotel in Pierre, all jokes aside, these are significant unemployment rate differences between states. The national unemployment rate is 3.9%. There are, potentially, other, more attractive alternatives, such as Texas (4% unemployment rate) and Florida (3.3% unemployment rate). These states have seen higher employment growth combined with higher in-migration (Texas will gain two Congressional seats, Florida one).
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California outlook is mixed, given that nonfarm jobs exceed pre-pandemic levels, yet its labor force and household employment numbers remain persistently below pre-pandemic benchmarks. With the state facing cuts due to a large projected budget deficit and automation likely accelerating because of increased minimum wages in fast food restaurants and in the health industry, the economic outlook for the state is cause for concern. Expect further bad news with additional losses of Congressional seats, and more workers and firms exiting the state unless significant policy changes are made.