Unemployment rates increased in 46 of the 50 states last year, according to an annual report issued Friday by the U.S. Bureau of Labor Statistics. Rhode Island suffered the sharpest increase, 2.6 percentage points. Its average annual jobless rate soared from 5.2 percent in 2007 to 7.8 percent in 2008.

Florida and Nevada were the only other states with increases of two points or more. Florida’s average annual unemployment rate was 6.2 percent last year, up 2.1 points from 4.1 percent a year earlier. Nevada’s 2008 jobless rate was 6.7 percent, up two points from 4.7 percent in 2007.

Arkansas, West Virginia, Wisconsin and Oklahoma were the only states whose annual unemployment rates did not get higher last year. The first three stayed flat, while Oklahoma actually reduced its rate by 0.3 points, from 4.1 percent in 2007 to 3.8 percent in 2008.
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The new federal economic stimulus package is expected to provide relief for Maryland’s small businesses through tax cuts and incentives that will help pull the country out of the recession, spokesmen for business groups said this week.

Besides cutting the income taxes of 95 percent of working families, the American Recovery and Reinvestment Act provides tax breaks to many small-business owners. The stimulus package had received the support from a broad coalition ranging from the U.S. Chamber of Commerce to unions, two groups usually on opposite sides on issues.

That’s recognition of the fact that businesses and unions and citizens all realize the country has the most difficult, complex economic problems that we’ve had in decades. While the spending on infrastructure projects has received considerable attention and will help put people back to work, the tax cuts for small businesses also will help with the economic recovery.
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I think you need to read this article because the article itself will make you think about “how banks make money”.

Massive layoffs, the $700 billion bailout for banks and automakers, and the pending stimulus bill have come to symbolize the struggles of big business in this ongoing recession. But small businesses owners are struggling to stay open, and would-be entrepreneurs are finding it harder to get the funds to follow their dream. Madison resident Phil McCoy is an example.

Five years after opening a marketing business that prints company logos on everything from clothing to pens and notepads, mounting expenses forced McCoy to close his office and move his business to his home. He’s now looking at ways to give his business a greater online presence in an age where tight lending standards can make qualifying for the usual bank loan harder.
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