Thu, Jun 16, 2022 1:28 PM
By Brett Davis, The Center Square
Washington state came in at No. 12 in the nation on WalletHub’s most recent list of workforces experiencing the quickest recovery from the COVID-19 pandemic.
To calculate its rankings, the personal finance website compared all 50 states and the District of Columbia based on changes in unemployment claims for several key benchmark weeks.
“The U.S. is making significant progress in the fight against COVID-19 with the distribution of the vaccine and boosters, and this has been reflected in the job market, as new unemployment claims decreased week-over-week on June 6,” the report states.
According to the report, there are 229,000 new unemployment claims nationwide, a dramatic decrease from the 6.1 million unemployment claims at the peak of the pandemic.
WalletHub analyst Jill Gonzalez went into some more detail about the Evergreen State’s ranking.
“Washington has the 12th quickest unemployment claims recovery,” she said via email. “This is mostly due to the fact that the number of unemployment insurance initial claims has dropped by almost 29% two years after the pandemic started, compared to the pre-pandemic year.”
Washington is not only performing well in the short-term, she noted, but long-term as well.
“At the same time, when compared to the first week of 2020, the number of unemployment claims in Washington is lower by almost 61%, one of the most significant improvements in the country,” Gonzalez explained.
Whether that trend holds remains to be seen, as Americans contemplate the very real possibility of a recession.
“A potential recession would negatively affect unemployment significantly,” Gonzalez said. “Losing a job is never good, but when you combine it with such high inflation it can really become disastrous. Even Americans with jobs right now are struggling to afford essentials like food and gas. If those numbers to climb while more people become unemployed, we might see an economy in deep recession.”
Washington fared better on WalletHub’s list than its Pacific Northwest neighbors Oregon and Idaho, No. 33 and No. 27, respectively.
The top 10 most recovered states and state designates this week:
6. District of Columbia
9. South Dakota
The top 10 least recovered states this week: