The State Where Jobless Claims Are Plummeting

Each Thursday, the Department of Labor Statistics releases its weekly unemployment insurance claims data. The people included in the weekly claims figure have filed to receive unemployment benefits from the government because they have been laid off from their jobs. These claims are filed at the state level. Data is reported by state and nationwide.

Though initial jobless claims reached over 6 million in April 2020, they have declined significantly since. And the state where unemployment insurance claims are plummeting is Missouri. (These are the states where businesses are running out of workers.)

Jobless claims paint a partial picture of the labor market and national economy and are often considered with monthly jobs data from ADP and the monthly jobs report from the BLS. All three have shown a sharp recovery from the COVID-19 pandemic-driven recession. Unemployment has dropped to an extremely low 3.9%. Initial claims have dropped in recent months below 300,000 each week, which is low based on historical trends.

Using BLS data, 24/7 Wall St. identified the state where weekly initial unemployment insurance claims are plummeting. States were ranked by the change in initial jobless claims filed during the week ending on Jan. 15, 2022 and the week ending Jan. 8, 2022. We included the unemployment rate for December 2021. All claims and unemployment data are the most recent available period, and are not seasonally adjusted. 

With only five exceptions – Rhode Island, Virginia, North Carolina, Kentucky, and California – initial unemployment claims have fallen week over week. No state reported a larger decline in initial unemployment insurance claims than Missouri.

Missori’s job market in general is relatively strong. The overall unemployment rate in the state stands at just 2.7%, more than a full percentage point below the national jobless rate of 3.9%. (This state has the highest unemployment in America.)

Click here to see the states where jobless claims are plummeting

Source: Read Full Article