According to a study published on Thursday by WalletHub, Washington was ranked No. 26 on a list of states where unemployment claims are decreasing the fastest.
The personal finance website compared all 50 states and the District of Columbia based on changes in unemployment claims for several significant benchmark weeks, putting particular emphasis on the claims per 100,000 labor force participants.
Jill Gonzalez, a WalletHub analyst, discussed the elements that contributed to Washington’s average grade.
She wrote in an email to The Center Square, “Washington is in line with the national trend, and registered a slight week-over-week decrease in the number of new unemployment claims.”
However, the main reason the state didn’t place higher than 26th is that the number of unemployment claims was almost 9% higher this week than it was at this time last year.
Gonzalez says efforts to combat inflation also have an impact. To bring inflation figures down, she added, “overall, a modest increase in unemployment is something that needs to happen alongside the Fed’s rate hikes.”
The Federal Reserve increased its benchmark interest rate by one-quarter of a percentage point on Wednesday. In a process that started in March 2022, the decision represented the eighth rise.
The unemployment rate in Washington is 4.2%. Idaho, Washington’s neighbor to the east, came in at number 28 in the study by WalletHub. The Evergreen State’s southern neighbor, Oregon, was ranked 50th.
The top 10 states and states with the greatest declines in jobless claims are:
1. Kentucky
2. West Virginia
3. Maryland
4. Arkansas
5. New Hampshire
6. Oklahoma
7. Delaware
8. Maine
9. District of Columbia
10. Florida
The ten states and state designations where the rate of decline in jobless claims is the smallest are
51. Utah
50. Oregon
49. Georgia
48. Montana
47. Colorado
46. New York
45. Kansas
44. Alaska
43. Wisconsin
42. Hawaii
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