From The Big Picture:
The states with the highest unemployment rate are Nevada (8 percent) and Rhode Island (8.3 percent). Nevada was hit especially hard by the housing collapse and Rhode Island has been fighting a loss of manufacturing industries, fishing and tourism woes, high taxes and a state government some observers have described as corrupt. Illinois comes in third (7.9 percent) — its deficit issues and pension headaches are well known — and California is fourth (7.8 percent).
On Dec. 31, 2013, the federally funded Emergency Unemployment Compensation (EUC) program is slated to expire. According to a report from the National Employment Law Project, approximately 1.3 million jobless workers will lose their benefits immediately at the start of 2014. Another 850,000 workers will exhaust their regular unemployment insurance in March and won’t be able to take advantage of the expanded benefits.
Here is a chart from The Economist that highlights the bleak outlook of global long-term unemployment. In particular, more than a third of unemployed people in rich countries have been out of work for over a year. What’s more is since the financial crisis began, the number of long-term unemployed people has doubled to almost 17 million, according to data from the OECD, a think-tank.
Here’s a look at every state’s unemployment rate, and how those rates compare to the state’s worst level during the recession (Hat tip Calculated Risk).
Source: Business Insider
We’ve all heard or read about the less than spectacular job prospects for law and business school grads over the last few years. But the tide might be turning around, at least for those choosing the M.B.A. route. According to new data from the Graduate Management Admission Council, the median number of applications for full-time, two-year M.B.A.s rose by nearly 12% for the class that started this year.
Here is a sampling of application volume for full-time, two-year M.B.A. programs:
Application volume for a sampling of full-time, two-year M.B.A.s
|Number of applications, 2012||Number of applications, 2013||% change 2012-2013|
|Olin Business School, Washington University in St. Louis||1,289||1,404||8.9%|
|Columbia Business School||5,409||5,765||6.6%|
|Johnson Graduate School of Management, Cornell University||2,094||2,343||11.9%|
|Harvard Business School||8,963||9,315||3.9%|
|Anderson School of Management, University of California, Los Angeles||3,335||3,124||-6.3%|
|Stanford Graduate School of Business||6,716||7,108||5.8%|
|Fuqua School of Business, Duke University||3,161||3,150||-0.35%|
|Fisher College of Business, Ohio State University||515||639||24%|
|University of Pennsylvania, Wharton School||6,409||6,036||-5.8%|
|Krannert School of Management, Purdue University||556||576||3.6%|
Source: The schools
According to The Wall Street Journal, citing economists, one-fifth of U.S. states won’t return to pre-recession employment levels until 2016 or later.
Michigan, Rhode Island, and Nevada likely won’t return to peak employment until 2018 (more than one decade since the Great Recession began).