Home State News Maryland Is the State with the Best Unemployment Rate Change – WalletHub...

Maryland Is the State with the Best Unemployment Rate Change – WalletHub Study

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With the U.S. having gained 216,000 jobs in December, WalletHub released updated rankings (on January 23rd) for its report on Changes in Unemployment Rate by State, along with a WalletHub Q&A.

In order to take stock of how unemployment rates are changing throughout the U.S., WalletHub compared the 50 states and the District of Columbia based on six key metrics that compare unemployment rate statistics from the latest month for which data is available (December 2023) to key dates in 2023, 2022, 2020 and 2019.

Below, you can see highlights from the report, along with a WalletHub Q&A.

Unemployment Change in Maryland:

  • Overall rank for Maryland: 1st
  • 10.01% Change in Unemployment (December 2023 vs November 2023)
    • 62,163 unemployed people in December 2023 vs 56,506 in November 2023;
    • 2nd worst change in the U.S.
  • -35.25% Change in Unemployment (December 2023 vs December 2022)
    • 62,163 unemployed people in December 2023 vs 95,998 in December 2022;
    • The best change in the U.S.
  • -70.81% Change in Unemployment (December 2023 vs December 2020)
    • 62,163 unemployed people in December 2023 vs 212,948 in December 2020;
    • 2nd best change in the U.S.
  • -43.48% Change in Unemployment (December 2023 vs December 2019)
    • 62,163 unemployed people in December 2023 vs 109,985 in December 2019;
    • 2nd best change in the U.S.
  • 3.31% Change in Not Seasonally Adjusted Continued Claims (December 2023 vs November 2023)
    • 22,535 continued claims in December 2023 vs 21,812 in November 2023;
    • 13th best change in the U.S.
  • 1.9% Unemployment Rate (December 2023)
    • The lowest unemployment rate in the U.S.

To view the full report and your state’s rank, please visit: https://wallethub.com/edu/states-unemployment-rates/74907

WalletHub Q&A

What is the unemployment outlook for 2024?
“The Federal Reserve Board has predicted that the unemployment rate will increase to 4.1% by the end of Q4 2024. Along with that, many companies are planning for hiring freezes and layoffs in the coming year due to the rise in payroll costs and tightening job market,” noted Cassandra Happe, WalletHub Analyst. “Despite these predictions, our latest economic index survey shows that consumer confidence in employment stability has increased by 7.1% compared to last year. This contrast puts consumers in a difficult situation as they look ahead to the coming year. While the increase in consumer confidence is a positive sign for the economy, overly optimistic expectations could leave Americans feeling disheartened if the Fed’s predictions turn out to be true in 2024.”

How is artificial intelligence impacting unemployment?
“AI is impacting unemployment in various ways. On one hand, AI is creating new jobs in fields such as data analysis, machine learning, and programming. On the other hand, AI is also causing job displacement as many tasks that were once performed by humans are now being automated,” said Cassandra Happe, WalletHub Analyst. “Certain jobs in fields like journalism, higher education, graphic and software design are already at risk of AI replacement, and could lead to higher unemployment sooner rather than later.”

Which state has experienced the biggest increase in unemployment vs. the previous month?
“Massachusetts has experienced the biggest increase in unemployment because the number of unemployed persons jumped by 11.7% from November 2023 to December 2023, compared to the average increase of 2.4%,” said Cassandra Happe, WalletHub Analyst. “Massachusetts’s overall unemployment rate is 3.2%, compared to the average of 3.7%.”

Which state has experienced the biggest decrease in unemployment vs. the previous month?
“Minnesota has experienced the biggest decrease in unemployment because it has seen a 5% decrease in the number of unemployed persons from November 2023 to December 2023, compared to the average increase of 2.4%,” said Cassandra Happe, WalletHub Analyst. “Minnesota’s overall unemployment rate is 2.9%, compared to the average of 3.7%.”

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The top 5 states in this report include:

1 Maryland
2 North Dakota
3 Vermont
4 South Dakota
5 Nebraska

View the full report here: https://wallethub.com/edu/states-unemployment-rates/74907

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