Friday, June 5, 2020

STATE UNEMPLOYMENT | April 2020, ranked

June 5, 2020—We are in uncharted territory, so it's worth looking at every piece of data that can help us understand what is happening. The markets were happily shocked by the drop to a 13.3 percent unemployment rate this morning, although if the status of some misclassified workers were corrected the percentage unemployed would rise to 16.3 percent. But at 13.3 percent the U-6 rate was above 20 percent, and some of the people who would have been among the May U-3 unemployed were located for the time being among the U-6 unemployed.

What are the major shocks that the United States is suffering through? Here are three:
  • The coronavirus, which is poorly understood,
  • The economy, which was been largely shut down by the Covid-19 virus, and 
  • The relationship of governments at the federal, state, city and town level to the public that they serve, when nerves on both sides are frayed.
The following rank of unemployment rates by state may help separate out the different strands of distress. Minnesota's April unemployment rate, for example, ranks second-lowest among all the states (DC is included here as a state). Its economic stress should be relatively low. It is therefore surprising that this is where George Floyd was murdered.

One sorting factor among the states is relative density. Connecticut and Minnesota have a relatively low density. Another factor is the importance of tourism and travel. Nevada and Hawaii are greatly affected by the loss of tourism and air travel. Michigan is affected by the stay-at-home guidelines.

New York is an interesting case. Because New York City is a tourist and immigration destination, it was the first to be affected in a major way by the coronavirus. It is densely populated downstate and relatively sparsely populated upstate. 








State
April 2020(P)
rate
Rank

State
April 2020(P)
rate
Rank
Connecticut
7.91

Florida
12.925
Minnesota
8.12

Oklahoma
13.728
Nebraska
8.33

Wisconsin
14.129
North Dakota
8.54

Oregon
14.230
Wyoming
9.25

Delaware
14.331
Missouri
9.76

Louisiana
14.532
Utah
9.76

New York
14.532
Maryland
9.98

Tennessee
14.734
Arkansas
10.29

Massachusetts
15.135
Iowa
10.29

Pennsylvania
15.135
South Dakota
10.29

West Virginia
15.237
Maine
10.612

New Jersey
15.338
Virginia
10.612

Kentucky
15.439
District of Columbia
11.114

Mississippi
15.439
Kansas
11.215

Washington
15.439
Colorado
11.316

California
15.542
Montana
11.316

Vermont
15.643
New Mexico
11.316

New Hampshire
16.344
Idaho
11.519

Illinois
16.445
Georgia
11.920

Ohio
16.846
South Carolina
12.121

Indiana
16.947
North Carolina
12.222

Rhode Island
17.048
Arizona
12.623

Hawaii
22.349
Texas
12.824

Michigan
22.750
Alabama
12.925

Nevada
28.251
Alaska
12.925




(p) Preliminary
Note: Rates shown are a percentage of the labor force. Data refer to place of residence. Estimates for the current month are subject to revision the following month. Source: https://www.bls.gov/web/laus/laumstrk.htm

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