A top-10 ranking for the Lake Area and Missouri in dropping unemployment claims over the last week.

WalletHub.com’s weekly study shows a ranking of 7th in the U-S in dropping unemployment claims over the last week.

These results come as record numbers of people are coming to the Lake Area this summer.

      NEWS-8-7-2020 MISSOURI ECONOMY 1 - 8th August 2020

Lake Ozark Mayor Gerry Murawski.

Right now, Missouri has the 20th best economic recovery in the country since the start of the China virus.

 

To identify which states’ workforces are experiencing the quickest recovery from COVID-19, WalletHub compared the 50 states and the District of Columbia across three metrics based on changes in unemployment claims. Below, you can see highlights from the report, along with a WalletHub Q&A. To see the states most recovered since the beginning of the COVID-19 pandemic, click here.

Change in Missouri Weekly Unemployment Claims (1=Quickest Recovery, 25=Avg.):

  • 252.62% Change in Unemployment Claims (Latest Week vs Last Year)
    • 9,884 the week of July 27, 2020 vs 2,803 the week of July 29, 2019
    • 9th quickest recovery in the U.S.
  • 32.25% Change in Unemployment Claims (Latest Week vs Start of 2020)
    • 9,884 the week of July 27, 2020 vs 7,474 the week of January 1, 2020
    • 10th quickest recovery in the U.S.
  • 1,119.19% Change in Unemployment Claims (Since Start of COVID-19 Crisis vs Last Year)
    • 762,931 between the week of March 16, 2020 and the week of July 27, 2020 vs 68,168 between the week of March 18, 2019 and the week of July 29, 2019
    • 20th quickest recovery in the U.S.

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/states-unemployment-claims/72730/.

 

Will recent increases in retail sales help reduce unemployment?

“Recent increase in retail sales will help reduce unemployment to some degree because the more revenue businesses are able to bring in, the more prepared they will be to start hiring again. While an uptick in sales is good news for retail, we can do even more to help the sector by practicing social distancing in public to minimize the spread of COVID-19,” said Jill Gonzalez, WalletHub analyst. “We’ll see bigger reductions in unemployment once stores are able to operate at full capacity and all businesses are allowed to reopen, but that may not happen until there is a vaccine. In the meantime, several major retailers such as Walmart and Target have started the #maskup movement, requiring people to wear a mask in stores regardless of state laws. If mandatory mask wearing becomes commonplace in stores, that will lead to greater consumer confidence and less COVID-19 transmission.”

How is the wearing of masks linked to unemployment?

“Wearing masks helps prevent the release of droplets from the mouth or nose that may contain COVID-19, which consequently can help minimize the spread of the virus. Countries with more prevalent mask wearing have been less impacted by coronavirus, so mandating the use of masks in public may help us proceed to a full reopening sooner,” said Jill Gonzalez, WalletHub analyst. “Consumers are more comfortable going out when they know everyone will be wearing masks, according to a recent WalletHub survey, and greater confidence leads to more people leaving the house and supporting businesses again.”

How do red states and blue states compare when it comes to recovery?

“With an average rank of 24 among the most recovered states, blue states had a better recovery from unemployment claims last week than red states, which rank 27 on average,” said Jill Gonzalez, WalletHub analyst. “The lower the number of the ranking, the bigger the state’s recovery was.”