WalletHub released its updated state employment rankings on Changes in Unemployment Rate by State.
The personal finance website compared the 50 states and Washington, D.C. based on six key metrics that compare rate statistics from the latest month for which data is available to key dates in 2022, 2021, 2020 and 2019.
In September 2022, 113,320 Virginians were unemployed compared to 114,105 in August. This represents the 20th best change in the country, according to WalletHub. The Commonwealth has the 26th best change from one year ago, and the 13th best from two years ago.
In Virginia, 274,044 were unemployed in September 2020. From there years ago, Virginia has the 21st worst change in unemployment rate. At 2.6 percent, Virginia has the 10th lowest unemployment rate in the country.
WalletHub Analyst Jill Gonzalez responds to how the threat of labor strikes affects the American economy.
“The threat of labor strikes might have an interesting effect on the economy. With increasing support for unions, workers now are more likely to earn better pay and workplace benefits,” Gonzalez said in a press release. “This could lead to a reduction in things like stagnant wage growth and poor job quality for workers. However, improved working conditions might come at a cost to the consumer, leading to overall economic slowdown. Strikes may also make inflation even worse, as the supply lines will get further disturbed.”
Gonzalez said that the most important factor unemployed individuals should look for when deciding which businesses to apply to is that compensation is appropriate for their field and skill level.
“Since there is currently an employment shortage, workers are in a great position to negotiate a worthwhile compensation package. Other desirable features are the ability to work from home at least part of the time, measures to prevent the spread of COVID-19, a positive and friendly workplace environment, and a short commute,” she said.
Does the unemployment rate vary greatly among demographics?
“The unemployment rate does differ sharply among different demographics. The unemployment rate for white people is 3.1 percent, while it’s much higher, at 5.8 percent for black people. The racial disparity is troubling, especially in the context of broader discussions of inequality that have taken place in the past year,” Gonzalez said. “The unemployment rate can fluctuate a lot by age, too; it’s only 2.1 percent for those ages 45 to 54, but 7 percent for people ages 20 to 24. It makes sense that people who have been in the workforce longer would have more job stability, but we should be concerned about the difficult conditions faced by young people.”
Rhode Island experienced the largest unemployment change from the previous month, according to Gonzalez. The number of unemployed jumped by 8 percent from August 2022 to September 2022. “Rhode Island’s overall unemployment rate is 3.1 percent, compared to the average of 3.5 percent,” she said.
The biggest decrease in unemployment from the previous month was in New Jersey.
“New Jersey has experienced the biggest decrease in unemployment because it has seen an 18 percent decrease in the number of unemployed persons from August 2022 to September 2022, compared to the average decrease of 0.3 percent. New Jersey’s overall unemployment rate is 3.3 percent, compared to the average of 3.5 percent,” Gonzalez said.
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Rebecca Barnabi
