PROVIDENCE – Rhode Island was ranked as the ninth-best state in the nation whose unemployment rates are bouncing back the quickest, according to a recent WalletHub study released Friday.
WalletHub, a personal finance website with a focus on reviews for financial advisers, compared the 50 states and the District of Columbia based on six key metrics that compare unemployment rate statistics from May 2022, the latest month for which data is available, with key dates in 2019, 2020 and 2021.
Currently the U.S. unemployment rate sits at 3.6%. Rhode Island’s unemployment rate in May was 2.9%.
The report found the Ocean State showed the most recovery when comparing May 2022 with May 2021 with a 51.9% decrease in unemployment. When comparing May 2022 with May 2020, the decrease was 81.4%. When comparing May 2022 with January 2020, the decrease was 20.7%, and when comparing May 2022 with May 2019, the decrease was 15.7%. Non-seasonally adjusted continuing claims in May 2022 compared with May 2019 decreased by 20.8%.
Minnesota’s unemployment rates were found to be bouncing back the quickest in the U.S. When comparing May 2022 with May 2021, unemployment in Minnesota decreased 40.1%. When comparing May 2022 with May 2020, the decrease was 81.7%. When comparing May 2022 with January 2020, the decrease was 48.2%, and when comparing May 2022 with May 2019, the decrease was 39.7%. Non-seasonally adjusted continuing claims in May 2022 compared with May 2019 increased by 0.9%.
New Hampshire, Nebraska, Indiana and Kansas rounded out the top five.
The District of Columbia ranked No. 51 on WalletHub’s list. When comparing May 2022 with May 2021, unemployment decreased 17%. When comparing May 2022 with May 2020, the decrease was 36%. When comparing May 2022 with January 2020, there was a 2.4% increase, and when comparing May 2022 with May 2019, there was a 0.6% increase. Non-seasonally adjusted continuing claims in May 2022 compared with May 2019 decreased by 47.3%.
Massachusetts was ranked No. 37. When comparing May 2022 with May 2021, unemployment in the Bay State decreased by 34.4%. When comparing May 2022 with May 2020, the decrease was 74.7%. When comparing May 2022 with January 2020, there was a 29.6% increase, and when comparing May 2022 with May 2019, there was a 24.9% increase. Non-seasonally adjusted continuing claims in May 2022 compared with May 2019 decreased by 19.4%.
Among the remaining New England states, New Hampshire was ranked No. 2, Vermont was ranked No. 7, Maine was ranked No. 27 and Connecticut was ranked No. 40.
The full report can be found here.
