The coronavirus pandemic has wreaked havoc on employment across the United States. Since the beginning of the pandemic, more than 42 million Americans have filed jobless claims. The unemployment rate is at 14.8%.
However, some states are feeling the impact of the pandemic more than others. Some are remaining shut down longer than others. Other states, with large cities, are being hit worse by the virus. Some states have industries that depend largely on tourism, like Hawaii or Florida, or energy, like Texas, and so the pandemic is impacting employment heavily.
WalletHub, using data from January through May 18, has identified the states where unemployment has risen most.
Florida saw the biggest increase in unemployment since January: 3,662%: that's 36 people now unemployed for every one person that was unemployed in January.
According to Tuvana Rua, an associate professor of management at Quinnipiac University, it will take the country quite a while to return to the pre-crisis levels.
"If we were to compare what we are facing now as an economic crisis with the most recent financial crisis of 2008, we will see that it took us 10 years to return to pre-2008 financial crisis civilian unemployment rate of 4.7%."
If you find yourself unemployed, Rua makes the following recommendation:
"I think one of the things that newly unemployed individuals can do is to increase their skill sets and credentials during this time. This doesn't necessarily have to cost anything. Individuals who have access to the internet can complete online certification programs in coding, digital marketing, data analytics, etc. on various platforms or completely free online courses from various universities that they can list on their resumes, which can make them more desirable candidates as they are applying for new positions."
Stocks fell Thursday after U.S. jobless claims continued their decline and the European Central Bank expanded its monetary stimulus program.
Watch the video above to see the top 10 states where unemployment has risen the most.
Watch More of the Latest Videos from TheStreet and Jim Cramer
- Why Jim Cramer Isn't Investing in Space Yet: Video
- Jim Cramer: Investors Should Weigh Facebook Employee Dissatisfaction
- Jim Cramer: If You Believe This Is Beginning of Upheaval, It's Time to Sell
- Jim Cramer: Advice for Investors Learning About the Stock Market
- TheStreet Explains: What Is Value Versus Growth in Stocks?
- What Wall Street Can Do for Main Street Amid Civil Unrest