The U.S. economy “lost several decades of work in this last recession,” and many states, such as Ohio, continue to struggle with widespread joblessness, said James Glassman, senior economist at JP Morgan Chase & Co. in New York.
“When you get away from New York it is absolutely painful,” Glassman said of the labor market in an interview today on Bloomberg Television’s “Surveillance Midday” with Tom Keene. “The labor market has a tremendous amount of slack,” and many people scoff at reports of a recovery, Glassman said.
In Ohio, the unemployment rate was 9.2 percent in February versus 8.2 percent in New York. Nevada reported the highest at 13.6 percent. North Dakota reported the lowest at 3.7 percent, according to Labor Department statistics released March 25.
The recession, which started in December 2007 and ended more than a year later, claimed more than 8 million jobs and sent the unemployment rate as high as 10.1 percent in October 2009, according to government data.
In March, payrolls nationwide rose by 216,000 workers and the unemployment rate declined to 8.8 percent, a two-year low. Payrolls have been on the rise since October, and the decline in the unemployment rate was the fourth in a row, according to the statistics.
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