With inflation remaining high but the U.S. gaining 528,000 jobs in July, significantly more than in the previous month, WalletHub today released updated rankings for its report on Changes in Unemployment Rate by State, along with accompanying videos and audio files.
In order to take stock of how unemployment rates are changing throughout the U.S., 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 (July 2022) to key dates in 2022, 2021, 2020 and 2019.Below, you can see highlights from the report, along with a WalletHub Q&A.
| Best Change in Unemployment | Worst Change in Unemployment |
| 1. Minnesota | 42. New Mexico |
| 2. New Hampshire | 43. Hawaii |
| 3. Vermont | 44. Michigan |
| 4. Missouri | 45. Texas |
| 5. Florida | 46. Alaska |
| 6. Rhode Island | 47. New York |
| 7. Utah | 48. Illinois |
| 8. North Dakota | 49. Kentucky |
| 9. Nebraska | 50. Delaware |
| 10. Iowa | 51. District of Columbia |
To view the full report and your state’s rank, please visit: https://wallethub.com/edu/states-unemployment-rates/74907 WalletHub Q&AThe unemployment rate fell to 3.5% last month, matching its lowest level in the last 50 years. What does this mean for the economy?“The unemployment rate fell to 3.5% last month, matching its lowest level in the last 50 years. In fact, the country has now replaced all of the jobs that were lost in the early months of the pandemic,” said Jill Gonzalez, WalletHub Analyst. “Almost every industry added workers last month, including restaurants and retailers. That means businesses might be doubting the economy, but they are still eager to hire. However, it also means the Fed’s probably going to continue to aggressively raise interest rates in an effort to curb inflation.”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,” said WalletHub analyst, Jill Gonzalez. “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.”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,” said Jill Gonzalez, WalletHub analyst. “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 6.5%, 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,” said Jill Gonzalez, WalletHub analyst. “The unemployment rate can fluctuate a lot by age, too; it’s only 2.4% for those ages 45 to 54, but 6.4% 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 previous month?“Indiana has experienced the biggest increase in unemployment because the number of unemployed persons jumped by 10% from June 2022 to July 2022, compared to the average decrease of 2%,” said Jill Gonzalez, WalletHub analyst. “Indiana’s overall unemployment rate is 2.6%, compared to the average of 3.5%.”Which state has experienced the biggest decrease in unemployment vs. the previous month?“Missouri has experienced the biggest decrease in unemployment because it has seen an 8% decrease in the number of unemployed persons from June 2022 to July 2022, compared to the average decrease of 2%,” said Jill Gonzalez, WalletHub analyst. “Missouri’s overall unemployment rate is 2.5%, compared to the average of 3.5%.”
