State-Level Unemployment Rates Have Hit An Encouraging Milestone

Earlier this month, we learned that the national unemployment rate unexpectedly fell to 7.7 percent in February.

State-level data comes on a lag. However, the new January state unemployment report confirms that the jobs market continues to get incrementally better.

In a post on his Calculated Risk blog, Bill McBride notes that there are now no states with double-digit unemployment rates. This is the first time that has happened since 2008.

Here's a chart from McBride showing current unemployment rates against recession highs: