(The Center Square) – Washington comes in at No. 18 on a list of states where unemployment claims are decreasing the most, according to a study recently released by WalletHub.
The personal finance website determined its rankings by comparing all 50 states and the District of Columbia based on changes in unemployment claims for several benchmark weeks, as well as the number of claims per 100,000 people in the labor force.
WalletHub analyst Jill Gonzalez expanded on the Evergreen State’s ranking.
“Washington is the state with the 18th biggest decrease in unemployment claims for the week of July 17th,” she reiterated in an email to The Center Square. “It also ranks 31st for most claims per 100,000 people in the labor force in the past week. The state registered a 27.46% decrease in unemployment claims compared to the previous week, which means people have managed to keep their jobs even with high inflation.”
That’s good news, but there could be challenges ahead.
“However, the number of unemployment claims is still higher than last year by almost 24%,” Gonzalez said. “Washington’s job market seems to be stabilizing slowly, but the new wave of Fed rate hikes might stump its positive progress in the following months.”
Last week, the Federal Reserve approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years. The quarter percentage point increase will bring the fed funds rate to a target range of 5.25% to 5.5%.
Washington fared better in WalletHub’s rankings than its Pacific Northwest neighbors, with Idaho coming in at No. 29 and Oregon coming in at No. 44.
The 10 states where unemployment claims are decreasing the most:
1. South Carolina
2. Kentucky
3. Mississippi
4. Arkansas
5. Alabama
6. Michigan
7. Missouri
8. Maine
9. Maryland
10. Wisconsin
The 10 states and state designate where unemployment claims are decreasing the least:
51. Vermont
50. Ohio
49. Colorado
48. California
47. Utah
46. West Virginia
45. Massachusetts
44. Oregon
43. District of Columbia
42. Hawaii
