A new study from WalletHub says the Show Me State ranks in the top 10 on a list of states whose unemployment rates are improving the most.
WalletHub analyst Jill Gonzales.
She tells KRMS News the picture hasn’t always looked at good for Missouri.
The US jobs report for June showed close to 5-million jobs being added.
Hear Jill’s Full Interview with KRMS’s Christian Blood here:
June’s jobs report shows that the U.S. added an additional 4.8 million jobs, and new unemployment claims last week were 81% below the peak during the COVID-19 pandemic. To help add some context to these statistics, WalletHub just released updated rankings for the States Whose Unemployment Claims Are Recovering the Quickest, along with accompanying videos and audio files.
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 Unemployment Claims (1=Quickest Recovery, 25=Avg.):
- 236.27% Change in Unemployment Claims (Latest Week vs Last Year)
- 16,894 the week of June 29, 2020 vs 5,024 the week of July 1, 2019
- 8th quickest recovery in the U.S.
- 126.04% Change in Unemployment Claims (Latest Week vs Start of 2020)
- 16,894 the week of June 29, 2020 vs 7,474 the week of January 1, 2020
- 15th quickest recovery in the U.S.
- 1,283.47% Change in Unemployment Claims (Since Start of COVID-19 Crisis vs. Last Year)
- 708,103 between the week of March 16, 2020 and the week of June 29, 2020 vs 55,171 between the week of March 18, 2019 and the week of July 1, 2019
- 21st quickest recovery in the U.S.
To view the full report and your state’s rank, please visit:
How encouraged should we be that the economy added 4.8 million jobs in June?
“We should be very encouraged that the economy added 4.8 million jobs in June, as this job growth exceeded expert projections and demonstrates that our recovery is accelerating. Reopening states has had a big impact, and these unemployment numbers demonstrate that the job losses caused by the pandemic are largely temporary,” said Jill Gonzalez, WalletHub analyst. “Despite the encouraging news from the jobs report, it’s important to remember that quite a few states have paused their reopening processes due to spikes in COVID-19. We may see a slowdown in job growth in the near future.”
How will pauses in states’ reopening processes affect unemployment?
“If states pause their reopening processes, we will likely see a slowdown in job growth because people who are temporarily laid off in certain non-essential sectors will have to wait longer to get back to work,” said Jill Gonzalez, WalletHub analyst. “We likely will not see a spike in new unemployment claims unless states close businesses that have already reopened. Rather than impose more lockdowns, states should focus on mandatory measures that protect everyone such as mask wearing in public and temperature checks at workplaces and in airports.”
Do job losses from the COVID-19 pandemic tend to be temporary or permanent?
“Job losses caused by the COVID-19 pandemic are mostly temporary, as May’s jobs report shows 15.3 million people on temporary layoff compared to 2.9 million who have permanently lost their jobs,” said Jill Gonzalez, WalletHub analyst. “Most jobless Americans expect to be rehired by their former employers, but exactly how soon that can happen will depend on both how quickly states are able to reopen and how safe the government and businesses can make customers feel. For example, mandatory COVID-19 testing before entering an airport could significantly alleviate people’s concerns about flying again.”
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 25 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.”
How has unemployment in New York – the state with the most COVID-19 cases – recovered?
“New York’s unemployment claims have experienced the 11th quickest recovery in the U.S. For the week of June 29, New York had 93,797 new unemployment claims, a 76% decrease from the peak during the coronavirus pandemic,” said Jill Gonzalez, WalletHub analyst.