featured graphic for wallethub

WalletHub Study: California is the state with the 3rd worst September unemployment rate recovery

With the U.S. gaining 661,000 jobs in September and the national unemployment rate at 7.9% compared to the nearly historic high of 14.7% at the peak of the coronavirus pandemic, WalletHub released updated rankings for the States Whose September 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.

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. We looked at the change in each state’s unemployment during the latest month for which we have data (September 2020) compared to September 2019 and January 2020. We also compared not seasonally adjusted continued claims in September 2020 to September 2019. Finally, we considered each state’s overall unemployment rate.

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

Unemployment Recovery in California (1=Most Recovered, 25=Avg.):

  • 186.42% Change in Unemployment (September 2020 vs September 2019)
    • 2,017,210 unemployed people in September 2020 vs 704,291 in September 2019;
    • 5th worst recovery in the U.S.
  • 140.15% Change in Unemployment (September 2020 vs January 2020)
    • 2,017,210 unemployed people in September 2020 vs 839,986 in January 2020;
    • 7th worst recovery in the U.S.
  • 903.72% Change in Not Seasonally Adjusted Continued Claims (September 2020 vs September 2019)
    • 2,802,145 continued claims in September 2020 vs 279,176 in September 2019
    • 15th worst recovery in the U.S.
  • 10.8% Unemployment Rate (September 2020)
    • 3rd highest unemployment rate in the U.S.

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

This article was released by WalletHub.