Thursday, February 25, 2010

Industries Hit Hardest by Job Losses and States With the Highest Taxes

Yesterday we talked about the hiring freeze thawing and the Wall Street bonuses growing, and today we have two more topics to discuss with you.

Investopedia via Yahoo! Finance has an interesting look at the three industries hardest hit by job losses and the job loss market as a whole (H/T Wendy). The amazing part is that since I started working in my current role in December of 2007, unemployment has almost doubled from 7.7 million Americans to 14.8 million. To make matters worse, the article says that the number of workers unemployed for 27 weeks or longer has soared to a record 6.3 million people. And 661,000 have just dropped out of the labor market entirely. These people don't count against the unemployment rate which means that even more people are not working than the unemployment percentage shows.

The three biggest industries hit by jobs losses are construction, transportation and warehousing, and manufacturing. There are only a few industries which have seen an increase in their employment. The temporary help services industry saw a bump as well as health care and the federal government (mostly due to the upcoming census). This proves that while jobs seem to continually be disappearing, looking in the right places shows that hiring is occurring.

Our second article, from The Guardian, looks at the actual tax rates of different US states (H/T Jay). It starts with the premise that many people are complaining at California taxes but California comes in 6th at an average of 10.5% on an average per capita income of $47,706 (2008). The real problem is in the Tri-State Area. New Jersey is #1 with 11.8% on $56,116, New York is #2 with 11.7% on $55,032. Connecticut is #3 with 11.1% on $63,160, with Maryland and Hawaii rounding out the top 5 (unfortunately I get taxed by both New York and Connecticut...eek!).

Massachusetts surprised the author of the post (and me) by coming in at 23rd. The South, while a lower tax rate in many states, also has a lower average per capita income. Wyoming seems to be the best bet to keep the most of your high salary with only 7% on $53,163. Some things to think about when relocating for a job!

Picture from Select Leaders

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