December 27, 2012

Rhode Island Economy

November Employment: Rhode Island's Peculiar Growth Abates

Justin Katz

After two months of unexpectedly strong employment growth, Rhode Island's surge abated. Unemployment held at 10.4%, leaving the state at second worst in the nation, with Nevada rapidly making up the distance, and the number 3 California finally slipping below 10%.

According to survey data released by the U.S. Bureau of Labor Statistics, the pace at which increasing numbers of Rhode Islanders say that they are working fell to about a third of what it had been for September and October, to 1,501. Meanwhile the labor force increased by 1,411.

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I met a couple from California in New Orleans a few weeks ago. The husband is a former school teacher turned entrepreneur. We didn't have time to discuss his business but he has offices in five states and owns an ocean front home. I forgot which community. It was startling the comparisons we traded between our states. Unemployment, unfunded pension liabilities, one party rule, public union influence, and of course, Governors Moon Beam and Missing Linc. He actually remembered our Governor as a Senator and thought the father must be rolling in his grave back then. Lastly, he's seriously contemplating moving to Texas and headquartering his business there. It would be an easy transition because they already have an office there. California is just crushing him with taxes. Sound familiar?

Posted by: Max D. at December 27, 2012 9:58 AM
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