With inflation slowing but prices still relatively high and the U.S. gaining 187,000 jobs in July, slightly higher than in the previous month, WalletHub today released updated rankings for its report on Changes in Unemployment Rate by State, with Maryland being the “state with the best unemployment rate change.” Recently, Montgomery County announced an unemployment rate of 1.5%, which is the lowest in more than 30 years.
In order to take stock of how unemployment rates are changing throughout the U.S., WalletHub compared the 50 states and the District of Columbia based on six key metrics that compare unemployment rate statistics from the latest month for which data is available (July 2023) to key dates in 2023, 2022, 2020 and 2019. Below, you can see highlights from the report, along with a WalletHub Q&A.
Unemployment Change in Maryland:
- -11.01% Change in Unemployment (July 2023 vs June 2023)
- 58,104 unemployed people in July 2023 vs 65,293 in June 2023;
- The best change in the U.S.
- -43.27% Change in Unemployment (July 2023 vs July 2022)
- 58,104 unemployed people in July 2023 vs 102,428 in July 2022;
- The best change in the U.S.
- -76.73% Change in Unemployment (July 2023 vs July 2020)
- 58,104 unemployed people in July 2023 vs 249,657 in July 2020;
- 5th best change in the U.S.
- -48.36% Change in Unemployment (July 2023 vs July 2019)
- 58,104 unemployed people in July 2023 vs 112,523 in July 2019;
- The best change in the U.S.
- 7.44% Change in Not Seasonally Adjusted Continued Claims (July 2023 vs June 2023)
- 21,634 continued claims in July 2023 vs 20,135 in June 2023;
- 25th best change in the U.S.
- 1.8% Unemployment Rate (July 2023)
- 2nd lowest unemployment rate in the U.S.
To view the full report and your state’s rank, please visit: https://wallethub.com/edu/states-unemployment-rates/74907