Is This What Rock Bottom Looks Like?

Graph: CalculatedRiskblog.com

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Let me try to put a positive spin on a super-depressing graph. From the blog Calculated Risk, the graph above shows the high and low unemployment rates from each state since 1976, along with a red line for the current jobless rate. Yes, we're living in the most depressed Florida in at least 34 years!

The data come from this report by the Bureau of Labor Statistics. It finds that of the 50 states, Florida posted the third-highest rate of job losses in January 2010, as well as the third-highest rate of job losses since January 2009.

Last week, the Legislature hastily passed a bill to borrow $2.2 billion as a way to head off more layoffs in response to a scheduled increase in the unemployment compensation tax.

But this week, economists predicted that Florida's economy will finally start to grow this quarter, keeping unemployment static till fall, when it's expected to slowly move in a positive direction. In short, this is rock bottom. And there's nowhere to go but up.

That cheer you up? Sorry, best I could do.