With inflation remaining high and the U.S. gaining 253,000 jobs in April, notably more than in the previous month, WalletHub today released updated rankings for its report on Changes in Unemployment Rate by State, along with a WalletHub Q&A.
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 (April 2023) to key dates in 2023, 2022, 2020 and 2019.
April’s jobs report showed an uptick in growth. The economy gained 253,000 nonfarm payroll jobs, up from 165,000 the previous month. In April, there were notable gains in sectors including professional and business services, health care, leisure and hospitality, and social assistance.
Now, the U.S. unemployment rate sits at 3.4%. We have come a long way from the nearly historic high of 14.7% in April 2020, due to a combination of vaccinations and the country fully reopening. However, inflation and the potential of a recession threaten to push the unemployment rate higher again if Federal Reserve rate increases are not able to stave them off.
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 (April 2023) to key dates in 2023, 2022, 2020 and 2019.
