November Job Watch
November 4th, 2011
The November jobs report from the Department of Labor revealed that the United States added 80,000 in October. National unemployment slightly decreased from 9.1 to 9.0%. The number of jobs added is a positive sign, but also slightly less than the 158,000 added in September.
Mississippi’s unemployment rate rose from August to September to10.6%.The state’s unemployment rate remains well above the national rate of 9.1% in September. The rise in Mississippi’s rate means that 1 in 10 Mississippi workers continue to be unemployed and looking for work.
Unemployment rates continue to be higher than this time last year, but Mississippi did add jobs in September after employment fell the previous two months. As the graphic below shows, Mississippi continues to be over 60,000 jobs below the employment peak in February 2008. And projections indicate that, in the absence of intervention, it could be 2016 before the state regains pre-recession employment.
As jobs are added and working adults find employment after a period of job loss, low-wage jobs without benefits are often not enough for true economic security. As seen from last week’s release of the Basic Economic Security Tables, a single worker in Mississippi needs $26,664 per year to cover basic expenses and save for emergencies and retirement. However, if that individual does not receive employment-based benefits like unemployment insurance, health insurance and retirement, the amount one worker needs rises to $31,416.
As the election nears, the state’s leaders face the challenge of building up the state’s economy and creating jobs for the thousands of families that still face economic insecurity because of periods of unemployment. Creating jobs that have pathways to economic security should be a priority, so many of Mississippi’s working families can advance beyond living pay check to pay check and can save for long-term security.
Author: Sarah Welker, Policy Analyst
Sources: Economic Policy Institute. Job Watch. Mississippi Department of Employment Security Labor Market Information.
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