States Whose Weekly Unemployment Claims Are Recovering the Quickest
COVID-19 is still raging across the U.S., which has led some states to temporarily pause their reopening processes or even close down some of the businesses that previously reopened. Despite that, the U.S. experienced fewer new unemployment claims last week than the previous week, a 19% decrease, which shows that we’re making progress toward recovery.
There are currently 16.3 million Americans unemployed due to the COVID-19 pandemic in total. Last week, there were 963,000 new unemployment claims nationwide, which is a lot fewer than the 6.9 million during the peak of the pandemic (an 86% reduction).
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. Read on for the results, additional commentary from a panel of experts and a full description of our methodology.
States Whose Unemployment Claims Are Recovering the Quickest
|State||Recovered Most Since Last Week||Recovered Most Since Start of COVID-19 Crisis|
|District of Columbia||28||28|
Rank 1 = Most Recovered
|State||Change in Unemployment Claims (Latest Week vs. Last Year)*||Change in Unemployment Claims (Latest Week vs Start of 2020)**||Change in Unemployment Claims (Since Start of COVID-19 Crisis vs. Last Year)***|
|District of Columbia||239.58%||238.88%||1280.46%|
*Refers to the change in the number of unemployment insurance initial claims in the week of August 3, 2020 compared to the week of August 5, 2019.
**Refers to the change in the number of unemployment insurance initial claims in the week of August 3, 2020 compared to the week of January 1, 2020.
***Refers to the change in the number of unemployment insurance initial claims between the weeks of March 16, 2020 to August 3, 2020 compared to the weeks of March 18, 2019 to August 5, 2019.
Sources: Bureau of Labor Statistics, St. Louis Federal Reserve.
Ask the Experts
Facing a pandemic is stressful enough by itself, but many Americans must deal with losing their employment on top of health concerns. To help guide Americans in this time of crisis, WalletHub turned to a panel of experts to provide some additional insight. Click on the experts below to view their bios and responses to the following key questions:
- What is your opinion on the $2.2 trillion emergency relief package that has been passed by Congress and signed by President Trump? Will this be sufficient to ensure full relief?
- What is your advice for people who don’t qualify for the stimulus payments?
- What do you think of insured unemployment as a measure for unemployment?
In order to identify where states’ workforces have recovered most from COVID-19, WalletHub compared the 50 states and the District of Columbia based on changes in unemployment insurance initial claims for several key weeks. We then used those metrics to give two separate rankings to the states.
Our first ranking is based on the most recent data only, and uses the following metrics:
- Change in Number of Unemployment Insurance Initial Claims in Latest Week vs. Last Year: Double Weight (~66.67 Points)
Note: This metric measures the change in the number of unemployment insurance initial claims in the week of August 3, 2020 compared to the week of August 5, 2019.
- Change in Number of Unemployment Insurance Initial Claims in Latest Week vs. Start of 2020: Full Weight (~33.33 Points)
Note: This metric measures the change in the number of unemployment insurance initial claims in the week of August 3, 2020 compared to the week of January 1, 2020.
The second ranking is based on cumulative data since the beginning of the pandemic:
- Change in Number of Unemployment Insurance Initial Claims Since Start of COVID-19 Crisis vs. Last Year: Full Weight (~100.00 Points)
Note: This metric measures the change in the number of unemployment insurance initial claims between the weeks of March 16, 2020 to August 3, 2020 compared to the weeks of March 18, 2019 to August 5, 2019.
Sources: Data used to create this ranking were obtained from the U.S. Department of Labor.
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