The latest data on impact of Covid-19, inflation on the employment pictureNew data from the consumer financial site Wallethub.com reveals which U.S states are improving and which are not. Read the full report here.
With the U.S. gaining 431,000 jobs in March, below the previous month’s 750,000 jobs, WalletHub today released updated rankings for the States Whose Unemployment Rates Are Bouncing Back Most, along with accompanying videos and audio files, to illustrate which areas of the country have had the best recovery so far.
In order to identify the states whose unemployment rates are bouncing back most, WalletHub compared the 50 states and the District of Columbia based on six key metrics that compare unemployment rate statistics from the latest month for which data is available (March 2022) to key dates in 2019, 2020 and 2021.
|Bounced Back Most||Bounced Back Least|
|1. Nebraska||42. Texas|
|2. Indiana||43. Illinois|
|3. Montana||44. Connecticut|
|4. Utah||45. Delaware|
|5. Kansas||46. California|
|6. Minnesota||47. Massachusetts|
|7. New Hampshire||48. Maryland|
|8. Oklahoma||49. New Mexico|
|9. Arizona||50. Hawaii|
|10. Alabama||51. District of Columbia|
A Brief Intereview with WalletHub analyst Jill Gonzalez on the impact of Covid-19 & inflation on employment trends:
How might rising inflation impact unemployed people?
“Rising inflation has a direct impact on unemployed people. Finding a job right away is critical, as costs continue to increase and a recession looms in the horizon. The good news is that there are jobs out there for the taking. Jobs in logistics, dining and hospitality are very much in demand right now, so those fields might be good places to start.”
Will the BA2 variant affect unemployment?
“The BA2 variant should not affect unemployment in the long term. 2022 will most likely continue to be another year of job gains that might even surpass the pre-pandemic levels. The good news is that the BA2 variant seems to be much less severe than the previous strains and should peak soon. If that’s the case, unemployment rates should drop even more in the coming months.”
What qualities should unemployed people look for when choosing which businesses to apply to?
“The biggest thing that unemployed people should look for when choosing which businesses to apply to is compensation that’s appropriate for their field and skill level. Since there is currently an employment shortage, workers are in a great position to negotiate a worthwhile compensation package. Other desirable features are the ability to work from home at least part of the time, measures to prevent the spread of COVID-19, a positive and friendly workplace environment, and a short commute.”
Is there a big difference in the unemployment rate among various demographics?
“The unemployment rate does differ sharply among different demographics. The unemployment rate for white people is 3.3%, while it’s much higher, at 6.3%, for black people. The racial disparity is troubling, especially in the context of broader discussions of inequality that have taken place in the past year. The unemployment rate can fluctuate a lot by age, too; it’s only 2.2% for those ages 45 to 54, but 7.5% for people ages 20 to 24. It makes sense that people who have been in the workforce longer would have more job stability, but we should be concerned about the difficult conditions faced by young people.”
Which state has experienced the biggest increase in unemployment vs. the beginning of 2020?
“Hawaii has experienced the biggest increase in unemployment because the number of unemployed persons jumped by 94% from January 2020 to March 2022, compared to the average increase of 2%. Hawaii’s overall unemployment rate is 4.1%, compared to the average of 3.6%”
Which state has experienced the biggest decrease in unemployment vs. the beginning of 2020?“Indiana has experienced the biggest decrease in unemployment because it has seen a 37% decrease in the number of unemployed persons from January 2020 to March 2022, compared to the average increase of 2%. “Indiana’s overall unemployment rate is 2.2%, compared to the average of 3.6%.”