Some states are reopening, others are rolling back those plans as the virus surges. Is the U.S. recovering from the unprecedented onslaught of unemployment that occurred as a result of the coronavirus?
There were nearly 1.5 million new state unemployment claims as of June 25, plus an additional 728,000 filed for benefits from the $600-a-week federal Pandemic Unemployment Assistance, according to the New York Times.
The total over recent weeks adds up to roughly 30 million Americans that are getting some sort of unemployment benefit -- and that $600 benefit is scheduled to end at the end of July.
Where states are reopening, the impact on jobs has been positive, according to personal finance site WalletHub, which compared the 50 states and the District of Columbia across three key metrics based on changes in unemployment claims, then ranked the states. The three time periods compared are:
- The change in the number of unemployment insurance initial claims in the week of June 15, 2020 compared to the week of June 17, 2019. (Double weight is given to this metric.)
- The change in the number of unemployment insurance initial claims in the week of June 15, 2020 compared to the week of January 1, 2020.
- The change in the number of unemployment insurance initial claims between the weeks of March 16, 2020 (the beginning of the crisis) to June 15, 2020 compared to the weeks of March 18, 2019 to June 17, 2019.
These are the states where the workforce seems to be recovering quickest.