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Updated: States Whose Unemployment Rates Are Recovering Most – WalletHub Study

[tags pierre,south dakota,unemployment rates,wallethub
With the U.S. gaining 266,000 jobs in April, falling far short of the 1 million new jobs expected by experts, WalletHub today released updated rankings for the States Whose Unemployment Rates Are Bouncing Back Most, along with accompanying videos and audio files, to illustrate which areas of the country have had the best recovery so far.

In order to identify the states whose unemployment rates are bouncing back most, WalletHub compared the 50 states and the District of Columbia based on five key metrics that compare unemployment rate statistics from the latest month for which data is available (April 2021) to key dates in 2019 and 2020.

Below, you can see highlights from the report, along with a WalletHub Q&A.

Bounced Back Most Bounced Back Least
1. South Dakota 42. New Jersey
2. Utah 43. Colorado
3. Nebraska 44. District of Columbia
4. Vermont 45. Louisiana
5. Idaho 46. California
6. Kansas 47. Nevada
7. Montana 48. New York
8. Alabama 49. New Mexico
9. New Hampshire 50. Connecticut
10. Iowa 51. Hawaii

To view the full report and your state’s rank, please visit: https://wallethub.com/edu/states-unemployment-rates/74907/

WalletHub Q&A

What tips would you give to the new class of college graduates who are now looking for jobs?

“College graduates who are now looking for jobs should start their search in sectors that were impacted most by the COVID-19 pandemic, such as entertainment, retail, dining, and travel. As states reopen, these sectors are experiencing some of the biggest job gains, so graduates will have the greatest chance of getting a job as quickly as possible. Once graduates have stable employment and can pay their bills, they can then start looking to switch to jobs that are more relevant to their degrees,” said Jill Gonzalez, WalletHub analyst. “Another important tip for recent graduates is to get vaccinated, which could help their chances of getting hired by certain employers.”

How should we respond to the fact that unemployment for recent graduates is significantly higher than the overall unemployment rate?

“The best way to respond to the high unemployment rate for recent graduates is to make sure as many people as possible get the COVID-19 vaccine. The more people who are vaccinated, the faster the country can reopen and the more job openings there will be. Some of the industries most impacted by the pandemic, like retail and hospitality, are where many people get their first jobs, so reopening those industries to full capacity should help graduates,” said Jill Gonzalez, WalletHub analyst. “Since companies are likely to choose candidates with more experience before those who only just graduated, the way to solve that problem is by creating enough job openings that they cannot all be filled by experienced workers.”

Is there a big difference in the unemployment rate among various demographics?

“The unemployment rate does differ sharply among different demographics. The unemployment rate for white people is 5.0%, while it’s much higher, at 9.4%, for black people. The racial disparity is troubling, especially in the context of broader discussions of inequality that have taken place in the past year,” said Jill Gonzalez, WalletHub analyst. “The unemployment rate can fluctuate a lot by age, too; it’s only 4.9% for those ages 45 to 54, but 10.5% for people ages 20 to 24. It makes sense that people who have been in the workforce longer would have more job stability, but we should be concerned about the difficult conditions faced by young people.”

Which state has experienced the biggest increase in unemployment vs. the beginning of 2020?

“Hawaii has experienced the biggest increase in unemployment because the number of unemployed persons jumped by 302% from January 2020 to April 2021, compared to the average increase of 51%,” said Jill Gonzalez, WalletHub analyst. “Hawaii’s overall unemployment rate is 8.5%, compared to the average of 6.1%.”

Which state has experienced the biggest decrease in unemployment vs. the beginning of 2020?

“Nebraska has experienced the biggest decrease in unemployment because it has seen an 8% decrease in the number of unemployed persons from January 2020 to April 2021, compared to the average increase of 51%,” said Jill Gonzalez, WalletHub analyst. “Nebraska’s overall unemployment rate is 2.8%, compared to the average of 6.1%.”