NEW YORK (WWTI) — Unemployment rates are continuing to improve in New York State.
A recent ranking, lead by the personal-finance website WalletHub, has found that New York is having a “somewhat successful” recovery from new unemployment claims. According to WalletHub, last week’s claims are lower than rates logged at the beginning of 2020.
Specific findings for this week’s WalletHub unemployment ranking are listed below for New York State:
- Weekly unemployment claims increased by 58.88% compared to the same week in 2019
- Weekly unemployment claims decreased by 58.69% compared to the start of 2020
- Weekly unemployment claims in New York decreased by 78.22% compared to the same week in 2020
Compared to other states nationwide, New York has the 16th highest recovery since last week and is considered the 23rd most recovered state since the COVID-19 crisis.
Nationwide, in the most recent week, there were 400,000 new unemployment claims, which is a 93% reduction in claims compared to the peak of the pandemic. Additionally, six states had unemployment claims lower than before the pandemic. This included Iowa, Arizona, South Carolina, West Virginia, Arkansas and Vermont.
WalletHub also compared coronavirus job losses to those lost in the Great Recession. A graphic illustrating this is featured below:
The full report can be found on the WalletHub website.