The Facts Behind US Economic Unemployment Tell A Story

Does Your State Have Low Economic Unemployment Too?

While the current economic and unemployment forecast seems to be all doom and gloom, and indicators like new home sales forecast more tough times ahead; this isn’t the case in a few states:

* Iowa

* Minnesota

* Wyoming

* Kansas

* Hawaii

* Vermont

* New Hampshire

* Nebraska

* South Dakota

* North Dakota

What do these states have that others don’t have yet? And what can other companies and countries, even, learn from these lower unemployment rates?

• More New Businesses

Jobs are driven by the introduction of new businesses when older businesses are not doing as well or they have already laid off plenty of workers. Those workers need to have somewhere to go, after all. For example, the introduction of clean energy businesses helps to create a situation in which those who are out of work can find new jobs easily, lowering the overall unemployment rate. In addition, these states listed above have lower costs of living, so it makes sense for larger businesses to come to these areas. The cost of doing business is less and they can afford to hire more people as a result.

• Fewer Layoffs

Though few businesses have made it through the last year without any layoffs, it seems that many companies in these states have made it through without as many layoffs. This may have been due to better hiring practices and due to better simply have a tighter way of running the businesses as a whole. When there aren’t extraneous people to fire, then the unemployment rates can stay low. Having companies with fewer employees to begin with is the key to preventing massive layoffs.

• Higher Education

Also in these states are people with higher education degrees than in other states as a whole. Since education in many of these states is cheaper, it might be possible that students are able to get higher degrees than in states where the education costs are higher. On the other hand, if larger companies are bringing in smart talent from other states, this will also increase the overall rate of higher education among employees.

These particular states in the United States have worked hard to ensure that they are weathering the economic downturn instead of reacting too quickly to it. By recognizing the value in education, new companies, and having experienced workers, these states have been able to create economies that are stable and unemployment rates that are low in good times and bad. And many other states could learn from these simple steps.

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