WalletHub, the personal-finance website, conducted a study to identify where unemployment-benefit claims are rising the fastest, finding that Kentucky and Iowa sit at opposite ends of the ranking.
“U.S. unemployment has experienced fluctuations and a slight overall increase over the past year. Recently, the labor market continued to weaken, with a 3.3% week-over-week rise in new unemployment-benefit claims on May 26,” the report states.
There are currently 7.2 million unemployed Americans, and it’s important to analyze some key statistics from the latest week to get a full picture:
The following states had higher unemployment claims last week than the week before: Kentucky, North Dakota, Tennessee, Minnesota, Kansas, Ohio, Wyoming, Mississippi, New Mexico, Idaho, Alaska, Oregon, Nevada, Illinois, Wisconsin, Pennsylvania, Hawaii, Arkansas, Missouri, and Indiana.
While there was a national increase in weekly claims, 20 states, including Iowa, South Dakota, and Montana, had unemployment claims last week that were better than the same week last year.
To identify where unemployment-benefit claims are rising the fastest, WalletHub compared the 50 states and the District of Columbia based on the change in unemployment-benefit claims over several key weeks. The number of claims per 100,000 people in the labor force was also considered.
States with the Biggest Increases in Unemployment Claims
State (1): Kentucky
Biggest increase since last week: 1
Claims per 100,000 people in the labor force (ranking)*: 2
State (2): District of Columbia
Biggest increase since last week: 2
Claims per 100,000 people in the labor force (ranking)*: 5
State (3): North Dakota
Biggest increase since last week: 3
Claims per 100,000 people in the labor force (ranking)*: 1
State (4): Minnesota
Biggest increase since last week: 4
Claims per 100,000 people in the labor force (ranking)*: 3
State (5): Tennessee
Biggest increase since last week: 5
Claims per 100,000 people in the labor force (ranking)*: 15
On the Other Hand:
State (47): Florida
Biggest increase since last week: 47
Claims per 100,000 people in the labor force (ranking)*: 49
State (48): South Dakota
Biggest increase since last week: 48
Claims per 100,000 people in the labor force (ranking)*: 51
State (49): Montana
Biggest increase since last week: 49
Claims per 100,000 people in the labor force (ranking)*: 43
State (50): New Hampshire
Biggest increase since last week: 50
Claims per 100,000 people in the labor force (ranking)*: 50
State (51): Iowa
Biggest increase since last week: 51
Claims per 100,000 people in the labor force (ranking)*: 39
*Rank 1 = Biggest increase
**Rank 1 = Highest
To see the full list and study methodology, click here.
Image: DiarioNY
