Unemployment rates continued to grow in January, with three more states joining Michigan with the dubious distinction of having an unemployment rate in the double-digits.
California, South Carolina, and Rhode Island joined Michigan with unemployment rates over 10%. Michigan’s 11.6% unemployment rate leads the nation. Four states–Indiana, Nevada, North Carolina, and Oregon–have unemployment rates over 9%.
Aside from cutting jobs, many employers are reducing hours and pay as the recession cuts into profits.
The recession has claimed a total of 4.4 million jobs since December 2007. The nationwide unemployment rate is at 8.1% and some economists predict it will peak at 11% in mid-2010.