The unemployment rate of a state or country is one of the most important economic indicators. When the unemployment rate increases, the unemployed are not the only worried person, the government is also concerned.
That’s why government at every level government put in measures to prevent the number of unemployed people from skyrocketing.
For instance, the August 2022 unemployment rate of the United States stands at 3.7%, which is a national stat, according to the U.S. Bureau of Labor Statistics. However, the figure varies in the 50 states in the country including the District of Columbia.
Meaning of Unemployment Rate
The unemployment rate measures the number of people who have no job and are ready to work, but could not get a job.
It is important to note that in calculating the unemployment rate, the per cent of unemployed job seekers in the labor force is put into consideration and not the entire population.
Because of its importance to economic planning, a serious government monitors the number of citizens and legitimate residents who are seriously seeking employment or couldn’t find one.
Which state has the best employment rate?
Minnesota made a significant improvement in the number of unemployed residents when the August figure is compared with 2021 data. It witnessed a 3.3% unemployment rate in 2021, but it is 1.8% as of August 2022, according to the data available on the official website of the U.S. Bureau of Labor Statistics.
Nebraska which occupies the second position had 2.5% in 2021 compared to August 2022 which stands at 2.0%. The state maintains the same position as New Hampshire and Utah. Vermont’s 2.1% is the fifth best. The 49 smallest U.S states had a 3.4% of unemployment rate in 2021.
Worst unemployment rate
As of the August 19, 2022 update, New Mexico occupies the bottom of the table with the 36th largest state by population having 4.5% of unemployment rate together with Alaska.
Though, if the District of Columbia were a state, it would be occupying the last position with 5.1% currently. New York, Nevada, Illinois, and Delaware tied at 4.4%.
Worthy of note is the unemployment rate in Texas, where it plummeted to 4.0%. The second largest economy in the U.S. had 8.2% unemployment rate more than a decade ago (specifically in 2010). It currently occupies the 41st position on the table of Local Area Unemployment Statistics Information and Analysis of BLS.GOV.
The U.S state’s biggest economy, California has 3.9% rate, sharing the 38th position with Maryland and Ohio.
Here is the latest unemployment rate for the states in the United States
|Rank||State||July 2022 Unemployment Rate|
|51||District of Columbia||5.2%|
Note: Unemployment rate estimates are subject to revision.