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A Friday report from WalletHub ranked Washington state No. 46 – sixth-worst in the nation – in terms of unemployment rate changes.
To determine rankings in its "Changes in Unemployment Rate by State," the personal finance website compared all 50 states and the District of Columbia by comparing the changes in unemployment from April to March, April 2022, April 2020, and April 2019, as well as looking at each state’s overall unemployment rate.
“April’s jobs report showed an uptick in growth. The economy gained 253,000 nonfarm payroll jobs, up from 165,000 the previous month. In April, there were notable gains in sectors including professional and business services, health care, leisure and hospitality, and social assistance,” the WalletHub report noted.
“Now, the U.S. unemployment rate sits at 3.4%. We have come a long way from the nearly historic high of 14.7% in April 2020, due to a combination of vaccinations and the country fully reopening," the report added. "However, inflation and the potential of a recession threaten to push the unemployment rate higher again if Federal Reserve rate increases are not able to stave them off.”
WalletHub analyst Jill Gonzalez spoke to Washington’s low ranking on its list.
“It had 13% more unemployed people in April compared to the same time last year,” she explained in an email to The Center Square. “Washington's unemployment rate is 4.3%, the fifth highest in the country, and significantly higher than the 3.4% national average.”
It wasn’t all bad news, however.
“Despite these figures, the number of unemployed people dropped by over 3% in April compared to March, which is a sign of improvement,” Gonzalez noted. “That being said, a rise in unemployment would help curb inflation, so for those who want to make a change in their professional lives, now would be a great time.”
Washington state fared only slightly better than its neighbor to the south, Oregon, which was ranked at No. 44 by WalletHub. That’s in contrast to its eastern neighbor, Idaho, which came in at No. 15.
States with the best change in unemployment:
1. Nebraska
2. New Hampshire
3. South Dakota
4. Wisconsin
5. Montana
6. Maryland
7. Alabama
8. Maine
9. North Dakota
10. Vermont
States and state designate with the worst change in unemployment:
51. Nevada
50. District of Columbia
49. California
48. Texas
47. Delaware
46. Washington
45. Wyoming
44. Oregon
43. New York
42. Illinois