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The coronavirus pandemic has harmed millions of lives – physically, emotionally, and financially.
More than 100,000 people have died in the United States and tens of millions have lost their jobs. Countless others have suffered emotional damage due to isolation isolation or financial loss as a result of the new recession.
The news about COVID-19 has been mixed lately. The number of deaths in the nation has dropped, according to preliminary numbers from disease control centers, but an increase in new infections has worried people increasingly.
Fortunately, financial wealth is increasing in many countries as jobs return slowly and the layoffs are reinstated. Some states do better than others.
WalletHub recently analyzed data in the 50 states and in the District of Columbia. It has been found that the first claims to unemployment insurance have recovered the fastest since the beginning of the crisis in these 10 countries:
- New Jersey
In the meantime, unemployment claims have recovered the slowest in these five countries:
- New Hampshire
However, some states are temporarily suspending their reopening process due to COVID-19 spikes, which can slow employment growth. According to the WalletHub, 17.8 million Americans are still unemployed due to the coronavirus pandemic.
WalletHub notes that there were 1.4 million new unemployment insurance claims nationwide last week. This was a decrease of 6.9 million weekly claims at peak, a 79% reduction.
This trend to improve unemployment claims could slow down as some states have decided to halt or even reverse their reopening process in the face of new infections.
According to Reuters, Florida reported 10,000 new cases of coronavirus in a single day on July 2. Other states – including California, Arizona, and Texas – have also seen a surge in new infections.
WalletHub also spoke to experts who stressed that unemployment claims do not necessarily give a complete picture of what is happening in relation to employment.
Tony Michael, a professor and program director for family and community development at West Virginia University, points out that even before the pandemic, West Virginia had the lowest labor force participation rate in the country – 54.8% – but an unemployment rate of 4.6% state is the best for more than a decade. He said to WalletHub:
"Even considering a relatively high retired population, it should be clear that the insured unemployment rate is not a precise measure of actual unemployment."
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