Florida and Michigan Suffer from Highest Job Loss

For the month of March, both the states of Florida and Michigan have lost the highest number of jobs in America, resulting in a significant contribution to the largest decline in overall US payrolls in at least five years.

The Labor Department has recently released a report stating that Florida lost over 17l forms of employment last month while Michigan took the lead by a total of over 21k workers who have lost their jobs. Furthermore, it was shown that over 27 states have suffered a drop in payroll, further confounding the nation’s economic problems.

Taken all together, the US economy has suffered the lost of jobs in every month since the beginning of 2008, resulting in what is the biggest drop of employment since 2003. Overall, over 80k jobs were eliminated, leading to a growing unemployment rate that is causing concern for a large number of the nation’s top economic and financial strategists, advisors, and formulators.

Analysts have noted that the recent drop of construction business in Florida has damaged the economy significantly and has lent itself to the cause of the state’s runner-up position in lost employment. Also, the same analysts went on to address the fact that the auto industry is slumping, a problem that is attributed to consumers who found themselves unable to purchase new vehicles due to their diminishing budgets and thus are restorting to driving their existing cars for much longer periods of time.

Concerning Michigan, the enormous decline in employment is accredited to a severe drop in factory payrolls, a tremendous source of job loss which has been estimated to have soared over 14k in terms of lost forms of income. Furthermore, the problems of the auto industry have reared their ugly head in this state as well, an economic concern reflected by the fact that at least 20k jobs were eliminated from automotive businesses all together.

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