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June 22, 2022 In In The News

States Whose Unemployment Rates Are Bouncing Back Most

From: Wallet Hub

May’s jobs report showed a slight slowdown in growth. The economy gained 390,000 nonfarm payroll jobs, a decrease from 436,000 the previous month. In May, there were notable gains in sectors including leisure and hospitality, professional and business services, and transportation and warehousing.

Now, the U.S. unemployment rate sits at 3.6%, which is still slightly higher than it was before the pandemic but is far lower than the nearly historic high of 14.7% in April 2020. This overall drop can be attributed largely to a combination of vaccinations and states removing restrictions. It will take 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, though.

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 (May 2022) to key dates in 2019, 2020 and 2021.