States with worst jobless rates- worst state for the job market

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Saturday, January 10, 2009

States with worst jobless rates- worst state for the job market

The top five states with the highest unemployment rates are Michigan, Rhode Island, South Carolina, California and Oregon. The reasons are the collapse of housing, auto industry need a bailout,the meltdown of financial services and the exodus of manufacturing.

1 Michigan home of the US automobile manufacturers are hurt by the decline in car sales.

2 Rhode Island and 3 South Carolina are facing a steady decline in the manufacturing sector.

4California home of nation's leading mortgage lenders -- Countrywide Financial, New Century Financial, IndyMac Bancorp, and Fremont General Corp. -- were based in California and have since been bought by larger banks or gone bankrupt.

5 Oregons timber industry were badly affected by the rotten housing market that has punished California lenders and builders.