PROVIDENCE – Rhode Island was ranked No. 15 overall in terms of changes in the unemployment rate in the United States, according to a report released by WalletHub on Aug. 18.
Researchers at the personal finance website compared the 50 states and the District of Columbia across six key metrics in two categories: the unemployment rate for July 2023, the latest month for which the website had data, as well as the change in unemployment rate in July 2023 compared with key dates in 2023, 2022, 2020 and 2019 to show the impact since the beginning of the pandemic and the recent changes in the job market amid high inflation. Those comparisons include the following: July 2023 compared with June 2023; July 2023 compared with July 2022; July 2023 compared with July 2020; July 2023 compared with July 2019; and not seasonally adjusted continued claims in July 2023 compared with June 2023. Data used in the rankings came from the U.S. Bureau of Labor Statistics and the U.S. Department of Labor.
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The national economy gained 187,000 nonfarm payroll jobs in July, a slight increase from the 185,000 gained in June, according to the report. In July, there were notable gains in the health care, social assistance, financial activities and wholesale trade sectors.
The U.S. unemployment rate currently sits at 3.5%, according to the report. In July 2020, the rate was at 14.7%, a nearly historic high.
In Rhode Island, the unemployment rate in July was 2.8%, which ranked No. 21 overall; the change in unemployment in July compared with June was -5.9%, which ranked No. 6; the change in unemployment in July compared with July 2022 was -13.5%, which ranked No. 15; the change in unemployment from July compared with July 2020 was -77.3%, which ranked No. 4; the change in unemployment in July compared with July 2019 was -21.3%, which ranked No. 13; and the not seasonally adjusted continued claims in July compared with June was 43.8%, which ranked No. 50.
In Massachusetts, which ranked No. 5 overall, the unemployment rate in July was 2.5%, which ranked No. 12; the change in unemployment in July compared with June was -4.2%, which ranked No. 10; the change in unemployment in July compared with July 2022 was -32.9%, which ranked No. 3; the change in unemployment from July compared with July 2020 was -80.8%, which ranked No. 2; the change in unemployment in July compared with July 2019 was -19.8%, which ranked No. 15; and the not seasonally adjusted continued claims in July compared with June was 8.9%, which ranked No. 31.
In Connecticut, which ranked No. 43 overall, the unemployment rate in July was 3.6%, which ranked No. 37; the change in unemployment in July compared with June was -1.7%, which ranked No. 17; the change in unemployment in July compared with July 2022 was -9.5%, which ranked No. 23; the change in unemployment from July compared with July 2020 was -69%, which ranked No. 11; the change in unemployment in July compared with July 2019 was 0.8%, which ranked No. 36; and the not seasonally adjusted continued claims in July compared with June was 54.5%, which ranked No. 51.
Across the remaining New England states, New Hampshire ranked No. 2 overall with an unemployment rate in July of 1.7%, Vermont ranked No. 3 with 1.8% and Maine ranked No. 11 with 2.4%
Maryland was ranked No. 1 in the country with an unemployment rate of 1.8% in July, followed by New Hampshire at No. 2, Vermont at No. 3, Alabama at No. 4 with 2.1% and Massachusetts at No. 5.
Nevada was ranked No. 51 with an unemployment rate of 5.3% in July, followed by the District of Columbia at No. 50 with 5%, California at No. 49 with 4.6%, Delaware at No. 48 with 4.1% and New Jersey at No. 47 with 3.9%.
