With the U.S. gaining 1.4 million jobs in August and the national unemployment rate at 8.4% 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 August Unemployment Rates Are Bouncing Back Most, to illustrate which areas of the country have had the best recovery so far.
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. They looked at the change in each state’s unemployment during the latest month for which we have data (August 2020) compared to August 2019 and January 2020. They also compared not seasonally adjusted continued claims in August 2020 to August 2019. Finally, they considered each state’s overall unemployment rate. Below, you can see highlights from the report, along with a WalletHub Q&A.
|Bounced Back Most||Bounced Back Least|
|1. Idaho||42. Pennsylvania|
|2. Nebraska||43. New Jersey|
|3. Utah||44. Illinois|
|4. South Dakota||45. New Mexico|
|5. Montana||46. California|
|6. Vermont||47. Massachusetts|
|7. Alaska||48. Rhode Island|
|8. Arizona||49. New York|
|9. Alabama||50. Nevada|
|10. North Dakota||51. Hawaii|
To view the full report and your state’s rank, please visit: https://wallethub.com/edu/states-unemployment-rates/74907/