New unemployment claims fall to 52-year low: Here are the best and worst states for jobs
By: Emily McCormick
“The number of Americans applying for first-time jobless claims reached the lowest level since November 1969, with the number of filings dropping to 199,000”. The economy has significantly improved since the highs induced by the pandemic. South Dakota was the state with the lowest insured unemployment rate. It is good to see that states are recording low unemployment rates, but there are still states who have not been able to turn it around as easily. States above the national average of 1.3% insurance unemployment rate are California, Nevada, Alaska, Hawaii, Illinois, Pennsylvania, and D.C. Insured unemployment rate is defined as the ratio of people on unemployment benefits divided by a state’s labor force.
It is positive to see many states lowering their insured unemployment rate, but despite what state you live in I think it is important to look at the aggregate and look at the bigger picture looking at it as a whole country to get a better understanding of what is in store for the future. Workers hold a lot of power for the first time since labor unions have declined, workers still have the ability to not work and maintain their standard of living due to previous last year savings. If they do choose to work, workers are in high demand as there are still labor shortages and supply shortages.
2 comments:
If more people are prepared for joblessness, I could see an increase in wages as a result of people holding out on working. The effect could be less available jobs, but higher wages for the jobs that do exist.
To add to Dalton's comment, if wages keep increasing this can also lead to more and more inflation. This will eventually wipe out the wage increases and even out the purchasing power to what it was before.
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