Unemployment Rates by State - Low and High Unemployment Rate States
Recovery is "V" Shaped
On an on-going basis Janco analyzes the unemployment rates reported by the BLS. This is then included in the firm's analysis of the projected number of jobs that will added or deleted from IT profession. The National unemployment data provides a measure of the health of the over-all labor market. A more granular metric is one that considers local condition - i.e. state and local unemployment. This report is during the COVID-19 shutdown
COVID-19 began its impact on the overall unemployment rate with jump up 0.9% to 4.4% and a loss of over 700,000 jobs at the start of the shutdowns. Then in April the unemployment rate skyrocketed to 14.7% and to drop to 6.7% in November.
Between California and New York alone almost 3 million jobs were lost.
Current US unemployment rate. Read on...
High Unemployment States
Highest unemployment states are those that had an overall unemployment rate of 8% or higher. In November 9 states had the highest unemployment rates (8.0% or higher) - an improvement from August which had 10 states with unemployment over 10%. The highest unemployment rates in November were New Jersey -10.2%; Hawaii - 10.1%); New Mexico - 10.1%; North Dakota - 8.5%; Louisiana - 8.3%; California - 8.2%; Connecticut - 8.2%; Alaska - 8.1%; and Texas - 8.1%. In those 9 states, 4 had a higher unemployment rate than the prior month.
In March 2020 (Before the coronavirus) there were 10 states with an unemployment rate of 5.4% or above.
States with the Lowest Unemployment -- Full Employment States
Several states have lowered their unemployment rates. At the start of the shutdown there were 14 states with unemployment rates less than 5%. In October there were 15 states with unemployment rates of 6% or less - an improving picture.
In 14 of the sixteen states with low unemployment numbers, only two saw an increase in its unemployment rates - Utah from 4.1% to 4.3%. and South Carolina from 4.2% to 4.4%