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State Unemployment Rates: A Small Victory For Little Rhody

This post by Jill Schlesinger originally appeared on CBS'

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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Jill Schlesinger is the Editor-at-Large for CBS 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.
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