Saturday, May 25, 2024
HomenewsFor a Reduction in Jobless Claims, Washington State Placed No. 26 Nationally

For a Reduction in Jobless Claims, Washington State Placed No. 26 Nationally

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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