A new study by WalletHub shows:
“Despite the fact that the U.S. is still struggling with the COVID-19 pandemic, new unemployment claims decreased week-over-week on August 17, and were still 85% below the peak during the COVID-19 pandemic. To help add some context to these statistics, WalletHub just released updated rankings for the States Whose Weekly Unemployment Claims Are Recovering the Quickest, along with accompanying videos and audio files.
“To identify which states’ workforces are experiencing the quickest recovery from COVID-19, WalletHub compared the 50 states and the District of Columbia across three metrics based on changes in unemployment claims. Below, you can see highlights from the report, along with a WalletHub Q&A. To see the states most recovered since the beginning of the COVID-19 pandemic, click here.
|Most Recovered Last Week
|Least Recovered Last Week
|2. North Dakota
|3. West Virginia
|7. New Jersey
|48. New Mexico
|8. South Carolina
How encouraged should we be that more than half of the states have been approved for the extra $300 in weekly benefits from President Trump’s executive order?
“We should feel somewhat encouraged that more than half of the states have been approved for an extra $300 in weekly federal unemployment benefits. While President Trump’s executive order can be a big help to unemployed people who have seen a sudden drop in income since the CARES Act benefits expired in July, it is not a long-term solution and may only last a few weeks,” said Jill Gonzalez, WalletHub analyst. “In order to truly protect our unemployed population, we need a bipartisan agreement in Congress that creates a comprehensive relief plan, one which ideally will last until the pandemic ends.”
What measures can we use to detect/trace COVID-19 in the workplace to prevent outbreaks that will lead to more unemployment?
“In order to prevent outbreaks of COVID-19 in the workplace that will lead to more unemployment, we should implement testing upon arrival as well as use apps to perform swift contact tracing for any employees found to have the virus,” said Jill Gonzalez, WalletHub analyst. “The problem with current COVID-19 testing is that in order to preserve accuracy it is expensive and slow. For workplaces and public spaces like airports, we need to have cheap, near-instant tests available for mass testing, even if they are not quite as accurate. Such tests are in development but need FDA approval.”
How will unemployment be impacted if schools only hold remote learning this fall?
“If schools only provide remote learning this fall, we could see a jump in unemployment. Young children will need supervision during the day, and parents who are unable to do their job remotely may be forced to take a leave from work to provide that supervision,” said Jill Gonzalez, WalletHub analyst. “Forcing parents to stay home could be especially devastating financially for single-parent households. To avoid a spike in unemployment, we should create a detailed plan for having in-person learning while providing a high level of safety for students and teachers, which will allow us to minimize negative consequences for both public health and the economy.”
How is the wearing of masks linked to unemployment?
“Wearing masks helps prevent the release of droplets from the mouth or nose that may contain COVID-19, which consequently can help minimize the spread of the virus. Countries with more prevalent mask wearing have been less impacted by coronavirus, so mandating the use of masks in public may help us proceed to a full reopening sooner,” said Jill Gonzalez, WalletHub analyst. “Consumers are more comfortable going out when they know everyone will be wearing masks, according to a recent WalletHub survey, and greater confidence leads to more people leaving the house and supporting businesses again.”
How do red states and blue states compare when it comes to recovery?
“With an average rank of 24 among the most recovered states, blue states had a better recovery from unemployment claims last week than red states, which rank 27 on average,” said Jill Gonzalez, WalletHub analyst. “The lower the number of the ranking, the bigger the state’s recovery was.”
How has unemployment in California – the state with the most COVID-19 cases – recovered?
“California’s unemployment claims have experienced the 7th slowest recovery in the U.S. For the week of August 17, California had 209,516 new unemployment claims, an 80% decrease from the peak during the coronavirus pandemic,” said Jill Gonzalez, WalletHub analyst.