May’s jobs report brought some surprisingly hopeful news to Americans, as the economy added 2.5 million nonfarm payroll jobs. Now, the U.S. unemployment rate sits at 13.3%, compared to the nearly historic high of 14.7% at the peak of the COVID-19 pandemic. This drop can be attributed to the fact that all U.S. states have begun to reopen non-essential businesses. In addition, most people who became unemployed during this crisis have only been temporarily laid off, and expect to be rehired by their former employers once companies reopen and start to make money again. However, it will take far more time for us to reduce the unemployment rate to pre-pandemic levels than it did for the virus to reverse over a decade of job growth.
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 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. This monthly report is a companion to our report on the States Whose Unemployment Claims Are Recovering the Quickest, which examines unemployment claims on a weekly basis. Read on for the results, additional commentary from a panel of experts and a full description of our methodology.
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, along with a WalletHub Q&A.
Unemployment Recovery in Florida (1=Most Recovered, 25=Avg.):
- 349.00% Change in Unemployment (May 2020 vs May 2019)
- 1,394,645 unemployed people in May 2020 vs 310,611 in May 2019;
- 11th worst recovery in the U.S.
- 349.56% Change in Unemployment (May 2020 vs January 2020)
- 1,394,645 unemployed people in May 2020 vs 310,226 in January 2020;
- 4th worst recovery in the U.S.
- 1,457.61% Change in Not Seasonally Adjusted Continued Claims (May 2020 vs May 2019)
- 529,384 continued claims in May 2020 vs 33,987 in May 2019
- 20th worst recovery in the U.S.
- 14.30% Unemployment Rate (May 2020)
- 12th worst recovery in the U.S.
View the full report and your state’s rank
