Unemployment Rates by State - Low and High States
Covid Kills US Labor Market
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
The COVID-19 shut 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 shutdown. Then in April the unemployment rate skyrocketed to to 14.7% only to drop to 13.3%.
Between California and New York alone almost 3 million jobs were lost.
High Unemployment States
Highest unemployment states are those that had an overall unemployment rate of 15.5% or higher. In May 7 states had the highest unemployment rates (over15.5%). Nevada, Hawaii, and Michigan fared the worst with unemployment rates 25.3%, 22.6%, and 21.2% respectively.
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 lower unemployment rates. At the start of the shutdown there were 10 states with unemployment rates of 10% or less. In May there were 20 states with unemployments rates of 10% or less - an improving picture