With the U.S. gaining 638,000 jobs in October and the national unemployment rate at 6.9% compared to the nearly historic high of 14.7% at the peak of the coronavirus pandemic, WalletHub today released updated rankings for the States Whose October 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. Arizona is among the states whose unemployment rates are bouncing back the least, according to the report.
This report examines unemployment rates on a monthly basis, complementing the weekly analysis in WalletHub’s report on the States Whose Weekly Unemployment Claims Are Recovering the Quickest.
In order to identify the states with the best recovery in unemployment, 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 during the latest month for which we have data (October 2020) compared to October 2019 and January 2020. Researchers also compared not seasonally adjusted continued claims in October 2020 to October 2019. Finally, WalletHub considered each state’s overall unemployment rate.
Bounced Back Most
5. South Dakota
10. South Carolina
Bounced Back Least
45. District of Columbia
46. New Mexico
47. New York
To view the full report and your state’s rank, visit https://wallethub.com/edu/states-unemployment-rates/74907/