Experts estimate that the U.S. gained 528,000 jobs in July, more than in June. WalletHub Friday released new employment rankings by state to show where that job growth is happening and where it isn’t.
According to WalletHub – a personal finance website – data from all 50 states and the District of Columbia was ranked based on data from 2022, 2021, 2020 and 2019. With an all-time low unemployment rate recorded last month, Minnesota landed in first place on the best unemployment changes list.
States with the best change in unemployment:
2. New Hampshire
6. Rhode Island
8. North Dakota
The the worst changes in unemployment were found in:
1. District of Columbia
5. New York
10. New Mexico
Overall, unemployment rate fell to 3.5% in July, reaching a nearly 50-year-low. At the same time, the high inflation is impacting buying power for people in the U.S.
“Almost every industry added workers last month, including restaurants and retailers,” said Jill Gonzalez, a WalletHub Analyst. “That means businesses might be doubting the economy, but they are still eager to hire. However, it also means the [Federal Reserve Bank is] probably going to continue to aggressively raise interest rates in an effort to curb inflation.”
Gonzalez said that people who are unemployed should try to find a job as fast as possible – while there are options – as a “recession looms on the horizon.” She said some in-demand fields include logistics, dining and hospitality.
Even as the unemployment rate fell, rates for Black people were higher than the average at 6.5% and for people age 20 to 24 at 6.4%.
Gonzalez said that while unemployment rates can fluctuate, these racial and age-based disparities are troubling.
“Since there is currently an employment shortage, workers are in a great position to negotiate a worthwhile compensation package,” she explained. Perks they can look out for include the ability to work from home at least part of the time, measures to prevent the spread of COVID-19, positive work environments, and easy commutes.