NEW JERSEY -- With the U.S. gaining 4.8 million jobs in June and the national unemployment rate at 11.1% compared to the nearly historic high of 14.7% at the peak of the coronavirus pandemic, personal finance website WalletHub has released updated rankings for the States Whose Unemployment Rates Are Bouncing Back Most. New Jersey ranked second to last in unemployment rate recovery.
Unemployment Recovery in New Jersey (1=Most Recovered, 25=Avg.):
- 407.43% Change in Unemployment (June 2020 vs June 2019)
- 746,530 unemployed people in June 2020 vs 147,120 in June 2019;
- 2nd worst recovery in the U.S.
Change in Unemployment (June 2020 vs January 2020)
- 746,530 unemployed people in June 2020 vs 200,336 in January 2020
- 7th worst recovery in the U.S.
Change in Not Seasonally Adjusted Continued Claims (June 2020 vs June 2019)
- 528,173 continued claims in June 2020 vs 75,852 in June 2019 (596.32%)
- Best recovery in the U.S.
Unemployment Rate (June 2020)
- 2nd highest unemployment rate in the U.S (Massachusetts has the highest unemployment rate.)
Overall, June’s Jobs Report brought encouraging news for the employment market, as the economy added 4.8 million nonfarm payroll jobs. That’s nearly double the amount added in May.
Now, the U.S. unemployment rate sits at 11.1%, which is still high but is a decline from 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 reopened at least some non-essential businesses. Additionally, 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. WalletHub looked at the change in each state’s unemployment rate during the latest month for which data is available (June 2020) compared to June 2019 and January 2020. WalletHub also compared not seasonally adjusted continued claims in June 2020 to June 2019.
Methodology: In order to determine the states whose unemployment rates are bouncing back most, WalletHub compared the 50 states and the District of Columbia across two categories. In the first category, WalletHub compared the change in unemployment for the latest month for which we had data (June 2020) to both June 2019 and January 2020, in order to show the impact since last year and since the beginning of this year. WalletHub also compared not seasonally adjusted continued claims in June 2020 to June 2019. In the second category, WalletHub looked at the state’s overall unemployment rate. WalletHub then used the average of those categories to rank-order the states.