CHARLOTTE, N.C., June 24, 2020 /PRNewswire/ -- Due to the
business closures caused by the coronavirus pandemic, many
Americans are out of work. The U.S. Bureau of Labor Statistics
(BLS) released its most recent unemployment data showing that 13.3%
of U.S. residents are unemployed and seeking work as of
May 2020. However, unemployment data
only shows how many people are out of work and actively looking for
a job. To determine the job losses caused by the COVID-19 crisis,
LendingTree researchers compared the total non-farm workers by
state in April 2019 and April 2020. Researchers then determined which
states lost the highest proportion of jobs based on a decrease in
the number of workers to see where the pandemic is hitting workers
the hardest.
Full Report:
https://www.lendingtree.com/personal/states-job-loss-coronavirus-study/
Key Findings:
- Michigan saw the largest
proportional job loss at 23% between April
2019 and April 2020.
-
- The state lost about 1 million workers in total. If we
multiplied all those jobs by the average annual earnings in
Michigan, they are equivalent to
$51.6 billion in lost annual
earnings.
- Vermont ranks second, with
a 21.5% decrease in jobs over the year.
-
- During this time period, the state reported 68,100 jobs that
were lost.
- New York has 1.9 million
less workers on payroll in April 2020
than in April 2019.
-
- The data shows that 19.4% of all jobs have been lost. If we
assumed all those jobs paid the average annual earnings for workers
in New York, that is a loss of
nearly $122 billion.
- Nevada ranks No. 7, with a
18% decline in jobs. According to local area unemployment
statistics from BLS, Nevada
currently has the highest unemployment rate in the nation at
28.2%.
- The northeast region has seen the biggest impacted by
far. Nine northeastern states cracked the top 12.
- California lost the highest
number of workers at 2.3 million.
-
- However, with its high population, the state as a whole saw a
smaller proportional impact: California lost 13.4% of jobs year over
year.
- No state saw jobs grow over this period and of all the
states, Utah had the lowest rate
of job losses. It lost about 7% of its workforce, or about
109,100 jobs.
- South Dakota lost 7.6% of
its jobs over the time period analyzed, equal to $1.4 billion in lost earnings.
-
- Nearby North Dakota did worse,
losing 9.7% of its jobs with a 50% larger loss in earnings.
- The District of Columbia
also fared relatively well, with reported job losses at
7.8%.
-
- Despite the relatively low number of jobs lost (62,100) in the
capital, the high average earnings ($89,800) for workers means that the annualized
value of jobs lost ($5.6 billion) is
significant for its rank.
- Across the 50 states and the District of Columbia, the average percentage
of jobs lost was 13%.
It might come as a surprise that some of the most populous
states in America aren't at the top of this list. However, the
dense population of certain states actually gives their economies a
cushion when it comes to job losses. For example, California lost the most workers compared with
the same period last year, at 2.3 million, equal to lost annualized
earnings of $142 billion. Thanks to
its high population, though, California actually ranked toward the middle
of the pack at No. 21 with 13.4% less jobs in April 2020 compared with the prior year.
Even at the bottom of the list, there are no states that got
anywhere near breaking even with jobs compared with last April.
However, the states at the bottom of the list have seen a smaller
proportion of job losses compared with most other states on our
list. The bottom 10 states with job losses all saw their workforce
decrease by 9% or less, which isn't so bad when compared with the
most-affected states, where their workforces decreased by nearly
20% or more.
For the full report, please visit:
https://www.lendingtree.com/personal/states-job-loss-coronavirus-study/
About LendingTree
LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
refinances, auto loans, personal loans, business loans, student
refinances, credit cards and more. Through the My LendingTree
platform, consumers receive free credit scores, credit monitoring,
customized recommendations to improve credit health, and
notification when there are opportunities to save money. In short,
LendingTree's purpose is to help simplify financial decisions for
life's meaningful moments through choice, education and support.
LendingTree, LLC is a subsidiary of LendingTree, Inc. For more
information, go to www.lendingtree.com, dial 800-555-TREE, like our
Facebook page and/or follow us on Twitter @LendingTree.
Media Contact:
Nancy Jones
Nancy@lendingtreenews.com
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SOURCE LendingTree.com