A WalletHub study released on Friday reveals that New Jersey’s economic recovery from the coronavirus pandemic lags behind the majority of the nation. That certainly is not good news for the businesses, Governor Phil Murphy or people’s wallets.
Here is the press release on the study and where New Jersey’s unemployment rate stands compared with other states:
With the U.S. gaining 1.4 million jobs in August and the national unemployment rate at 8.4% compared to the nearly historic high of 14.7% at the peak of the coronavirus pandemic, WalletHub today released updated rankings for the States Whose August 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. WalletHub looked at the change in each state’s unemployment during the latest month for which there is data (August 2020) compared to August 2019 and January 2020. WalletHub also compared not seasonally adjusted continued claims in August 2020 to August 2019. Finally, WalletHub considered each state’s overall unemployment rate. Below, you can see highlights from the report, along with a WalletHub Q&A.
Unemployment Recovery in New Jersey (1=Most Recovered, 25=Avg.):
- 200.42% Change in Unemployment (August 2020 vs August 2019)
- 500,771 unemployed people in August 2020 vs 166,692 in August 2019;
- 6th worst recovery in the U.S.
- 149.97% Change in Unemployment (August 2020 vs January 2020)
- 500,771 unemployed people in August 2020 vs 200,336 in January 2020;
- 9th worst recovery in the U.S.
- 330.35% Change in Not Seasonally Adjusted Continued Claims (August 2020 vs August 2019)
- 411,019 continued claims in August 2020 vs 95,509 in August 2019
- 3rd best recovery in the U.S.
- 10.9% Unemployment Rate (August 2020)
- 9th 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/
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