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* WalletHub…
With the U.S. gaining 1.4 million jobs in August and the national unemployment rate at 8.4% compared to the nearly historic high of 14.7% at the peak of the coronavirus pandemic, WalletHub today released updated rankings for the States Whose August Unemployment Rates Are Bouncing Back Most, along with accompanying videos and audio files, to illustrate which areas of the country have had the best recovery so far.
This report examines unemployment rates on a monthly basis, complementing the weekly analysis in WalletHub’s report on the States Whose Weekly Unemployment Claims Are Recovering the Quickest.
In order to identify the states with the best recovery in unemployment, WalletHub compared the 50 states and the District of Columbia based on four key metrics. We looked at the change in each state’s unemployment during the latest month for which we have data (August 2020) compared to August 2019 and January 2020. We also compared not seasonally adjusted continued claims in August 2020 to August 2019. Finally, we considered each state’s overall unemployment rate. Below, you can see highlights from the report, along with a WalletHub Q&A.
Unemployment Recovery in Illinois (1=Most Recovered, 25=Avg.):
• 168.32% Change in Unemployment (August 2020 vs August 2019)o 691,640 unemployed people in August 2020 vs 257,769 in August 2019;
o 8th worst recovery in the U.S.• 173.04% Change in Unemployment (August 2020 vs January 2020)
o 691,640 unemployed people in August 2020 vs 253,312 in January 2020;
o 6th worst recovery in the U.S.• 597.74% Change in Not Seasonally Adjusted Continued Claims (August 2020 vs August 2019)
o 593,305 continued claims in August 2020 vs 85,032 in August 2019
o 19th best recovery in the U.S.• 10.9% Unemployment Rate (August 2020)
o 9th highest unemployment rate in the U.S.
More here.
posted by Rich Miller
Friday, Sep 18, 20 @ 1:10 pm
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These statistics must include Chicago’s loss of tourism causing thousands of lost jobs at the airports,hotels, museums,etc. When tourism and conventions return the numbers should improve.
Comment by Big Mike Friday, Sep 18, 20 @ 1:38 pm
=When tourism and conventions return the numbers should improve.=
I think its going to be a while until conventions return to what they were before, if ever. We’ve proven a lot more things line that can be done remotely. Employers are going to be hesitant to pay for travel like that, particularly while there is any threat from the virus, and while their business may be struggling, but even after that.
Comment by AndyIllini Friday, Sep 18, 20 @ 1:59 pm
Who is actually surprised by these numbers?
Illinois Democrats are openly hostile to the business community and now are promising to raise their taxes yet again while doing absolutely nothing to reform the cost drivers of rising taxes.
Comment by Lucky Pierre Friday, Sep 18, 20 @ 2:12 pm
I make between $1mm and $2mm per year. Everyone else in my team of 8 makes between $600k and $1.5m. Approximately 73 people are under us. We all live in Illinois (one or two may be in Indiana, but we’re all taxed in Illinois). The team of 8 is very close to moving to Florida for tax reasons. If we do, there are 73 jobs lost (though most would have offers in Florida). That’s just an anecdotal sample set, but Covid has proved we really don’t need to pay a premium in taxes to move our jobs down south, and I suspect other high income earners (responsible for job creation or at least job maintenance) feel the same way. The fair tax may still be the right way to go from an equity perspective. There’s an argument that equity is the most important thing right now. But it’s going to result in further unemployment, almost assuredly.
Comment by Anonymous Friday, Sep 18, 20 @ 3:18 pm
Think of all of the lower and middle class families whose finances have been decimated by the weak economic recovery in Illinois next time you hear the Democrats bash the business community.
Comment by Lucky Pierre Friday, Sep 18, 20 @ 3:21 pm
Worth noting that unemployment, which is based on household surveys, is only one part of the big picture.
Another side is payroll employment (or the number of jobs) and it is based on employer data.
Payroll employment is down 7.0% year-over-year. That’s very bad, but more middle-of-the-pack at 24th worst. Michigan (-10.0%), Ohio (-8.0%), Wisconsin (-7.5%), and Minnesota (-7.3%) rank worse while Kentucky (-6.2%), Iowa (-5.8%), Missouri (-4.7%), and Indiana (-3.4%) fare better.
Table 3 and Table E: https://www.bls.gov/news.release/laus.nr0.htm
Comment by Frank Manzo IV Friday, Sep 18, 20 @ 3:22 pm
Historically, Illinois tends to enter an economic downturn later than average and exit said downturn later also. Something to keep in mind.
Comment by Former ILSIP Friday, Sep 18, 20 @ 3:25 pm
=== Illinois Democrats are openly hostile to the business community and now are promising to raise their taxes yet again while doing absolutely nothing to reform the cost drivers of rising taxes.===
… and yet, you’re still here.
Comment by Oswego Willy Friday, Sep 18, 20 @ 3:29 pm
=== Think of all of the lower and middle class families whose finances have been decimated by the weak economic recovery in Illinois next time you hear the Democrats bash the business community.===
Trump says the economy will be roaring back next quarter.
Worry not.
Comment by Oswego Willy Friday, Sep 18, 20 @ 3:39 pm
Yes I am OW and so are many who feel the same way I do.
Illinois is worth saving, not just keep pretending as you do every day that the status quo working just fine.
There is more to governing than just taking care of the Democrats special interests and blaming Raunerites and Republicans for all the state’s problems.
Comment by Lucky Pierre Friday, Sep 18, 20 @ 3:42 pm
===Illinois is worth saving===
Bruce used to say that before he moved to Florida.
Comment by Rich Miller Friday, Sep 18, 20 @ 3:48 pm
===… many who feel the same way I do.===
Speak for yourself. You are not a collective.
When you do speak for yourself, you routinely bad mouth this state. Actually, you constantly bad mouth Illinois.
Why do you think bad mouthing Illinois is helping it?
I gave no, and still give no quarter to Rauner or Raunerites.
They chose to hurt Illinois, not help her.
So, please, if you’re staying, try to think about helping in ways that don’t include IPI angry talking points. They aren’t honest, or honest actors for a better Illinois.
Happy Friday.
Comment by Oswego Willy Friday, Sep 18, 20 @ 3:52 pm
There are areas of the state where there are tons of jobs. Southeast Illinois is one of them. We might be small and rural, but the list of places that needs workers grows daily. Some are looking for 1 or 2; some hundreds. Our area won’t replace all the jobs lost because of conventions, tourism, etc- but there are jobs in Illinois.
Comment by SE Illinois Friday, Sep 18, 20 @ 3:53 pm
Exactly how are Democrats helping the private sector in Illinois? They are certainly hurting it not helping it with the demonization of them.
I see you stopped with that nonsense that Illinois is better off now than under Governor Rauner.
Comment by Lucky Pierre Friday, Sep 18, 20 @ 4:11 pm
==The team of 8 is very close to moving to Florida for tax reasons.==
I suggest you (and your team) consider hip waders as part of your wardrobe.
Comment by Jocko Friday, Sep 18, 20 @ 4:12 pm
Don’t worry, Jocko. As southern Florida slips beneath the waves, Floridians will get a federal bailout to cover their losses. Red states get their losses covered. Blue states fend for themselves.
Comment by Jibba Friday, Sep 18, 20 @ 4:20 pm
He must still think so because has two luxury condos in Illinois
Sad how many don’t agree and just want to keep doubling down on the same failed policies that result in slow growth and high unemployment in what should be a booming area of the country
Comment by Lucky Pierre Friday, Sep 18, 20 @ 4:28 pm
== There are areas of the state where there are tons of jobs.==
Really?
List them.
Comment by Mama Friday, Sep 18, 20 @ 4:35 pm
=== He must still think so because has two luxury condos in Illinois
Sad… ===
That you keep thinking Rauner is a hero.
The guy asked FOUR people to replace him on the ballot to stave off humiliation, which, of course, came.
Then he moved away.
Friend, you got duped. Ya need to face facts.
Comment by Oswego Willy Friday, Sep 18, 20 @ 4:42 pm
=== I see you stopped with that nonsense that Illinois is better off now than under Governor Rauner.===
It took a global pandemic for things to be worse… than Rauner being governor.
Think how awful the pandemic must be to be worse than the Rauner Administration.
Comment by Oswego Willy Friday, Sep 18, 20 @ 4:52 pm