New Jersey Is the State with the 2nd Worst Unemployment Rate Recovery – WalletHub Study

With the U.S. gaining 4.8 million jobs in June and the national unemployment rate at 11.1% 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 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 Unemployment Claims Are Recovering the Quickest.

In order to identify the states with the best recovery in unemployment rates, 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 rate during the latest month for which there is data (June 2020) compared to June 2019 and January 2020. WalletHub also compared not seasonally adjusted continued claims in June 2020 to June 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.):

  • 407.43% Change in Unemployment (June 2020 vs June 2019)
    • 746,530 unemployed people in June 2020 vs 147,120 in June 2019;
    • 2nd worst recovery in the U.S.
  • 272.64% Change in Unemployment (June 2020 vs January 2020)
    • 746,530 unemployed people in June 2020 vs 200,336 in January 2020;
    • 7th worst recovery in the U.S.
  • 596.32% Change in Not Seasonally Adjusted Continued Claims (June 2020 vs June 2019)
    • 528,173 continued claims in June 2020 vs 75,852 in June 2019
    • The best recovery in the U.S.
  • 16.4% Unemployment Rate (June 2020)
    • 2nd 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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