With states opening up and the national unemployment rate now at 13.3% compared to the nearly historic high of 14.7% at the peak of the coronavirus pandemic, WalletHub today released its report on 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.
This report examines unemployment rates on a monthly basis, complementing the weekly analysis in WalletHub’s report on the States Whose Unemployment Claims Are Recovering the Quickest.
In order to identify the states with the best recovery in unemployment rates, WalletHub compared the 50 states and the District of Columbia based on four key metrics. We looked at the change in each state’s unemployment rate during the latest month for which we have data (May 2020) compared to May 2019 and January 2020. We also compared not seasonally adjusted continued claims in May 2020 to May 2019. Finally, we considered each state’s overall unemployment rate. Below, you can see highlights from the report.
Unemployment Recovery in Michigan (1=Most Recovered, 25=Avg.):
433.80% Change in Unemployment (May 2020 vs May 2019)
985,423 unemployed people in May 2020 vs 184,604 in May 2019;
5th worst recovery in the U.S.
367.53% Change in Unemployment (May 2020 vs January 2020)
985,423 unemployed people in May 2020 vs 210,771 in January 2020;
3rd worst recovery in the U.S.
2,321.17% Change in Not Seasonally Adjusted Continued Claims (May 2020 vs May 2019)
985,294 continued claims in May 2020 vs 40,695 in May 2019
6th worst recovery in the U.S.
20.70% Unemployment Rate (May 2020)
3rd worst recovery in the U.S.
Here is a link to the Wallethub survey:
https://wallethub.com/edu/states-unemployment-rates/74907/