State Unemployment Rates: A Small Victory For Little Rhody

By: Jill Schlesinger
Topics: Financial Decoder

This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

I used to live in Rhode Island, which is why I still take an interest in what's happening there. Little Rhody has gotten crushed in the recession. The last vestiges of its manufacturing base have been vaporized and the contraction in housing have contributed to the state's dismal employment situation.

You'll note from this seal, that "hope" is the motto of RI, as in "I sure do hope the unemployment rate starts to drop soon!" Today, Rhode Islanders poured themselves a little coffee milk to celebrate: according to the Bureau of Labor Statistics Regional and State Unemployment rate report, RI unemployment fell for the first time in nearly three years, dropping by a 0.1% to 12.9% in October.

Yes, RI still sports the nation's third highest unemployment rate behind Michigan and Nevada and one month shouldn't be cause for real celebration, but just for the moment, let's grant Little Rhody a small victory.

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(CBS)

Jill Schlesinger is the Editor-at-Large for CBS MoneyWatch.com. Prior to the launch of MoneyWatch, she was the Chief Investment Officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.

Jill Schlesinger
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Jill Schlesinger, CFP®, is the Editor-at-Large for CBS MoneyWatch. She covers the economy, markets, investing or anything else with a dollar sign. Prior to the launch of MoneyWatch in 2009, Jill was the chief investment officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.
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by sldorr November 23, 2009 7:32 PM EST: Jill,
Regarding Rhode Island's unemployment rate dropping, FORGET IT!
Unemployment is so far behind, they haven't even included me as a statistic yet. It has taken 5 months to get a date just to go to adjudication. Then it'll take a week just to receive an answer in the mail, then another week to get my money! Are you kiddn???
There are others who are waiting AND there are people who are working under the table, college students living back with their parents who arent working and there are people who just simply gave up and are not even a statistic!
Our state is really 20% unemployed!! This rate is only derived from stats from people who are on the books receiving unemployment!! And Jill, if you used to live here? Then you know how things are. It's who you know....NOTHING has changed here. I'm sorry, have to disagree, not a small victory at all.; Reply to this comment