New York’s Unemployment Recovery Rate Ranked as One of the Worst

During the peak of the Corona Virus, the unemployment rate in the country hit a historic high of 14.7 percent. Now as states recover, New York has one of the worst unemployment recovery rates in the country, according to a recent study.

Currently, the unemployment rate is 10.2 percent, which is much better than a few months ago when the pandemic was at its peak. States are recovering at different rates, and Wallethub compared all of them to determine the recovery rates for unemployment.

During the study, they looked at the change in each state’s unemployment during the latest month for which we have data (July 2020) compared to July 2019 and January 2020. They also compared not seasonally adjusted continued claims in July 2020 to July 2019. Finally, they considered each state’s overall unemployment rate.

New York has ranked 50th for unemployment recovery just ahead of Massachusetts. The states with the best unemployment recovery rate are Idaho, Utah, and Kentucky.

Unemployment Recovery in New York:

• 286.83% Change in Unemployment (July 2020 vs July 2019)
  • 1,548,633 unemployed people in July 2020 vs 400,342 in July 2019;
  • 3rd worst recovery in the U.S.
• 295.93% Change in Unemployment (July 2020 vs January 2020)
  • 1,548,633 unemployed people in July 2020 vs 391,140 in January 2020;
  • 3rd worst recovery in the U.S.
• 1,047.98% Change in Not Seasonally Adjusted Continued Claims (July 2020 vs July 2019)
  • 1,539,400 continued claims in July 2020 vs 134,096 in July 2019
  • 19th worst recovery in the U.S.
• 16.0% Unemployment Rate (July 2020)
  • 2nd highest unemployment rate in the U.S.