Study: Unemployment Claims in New York Are 6.81% Lower Than Pre-COVID Levels
New York is having a successful recovery from new unemployment claims, with last week’s claims lower than in the same week in 2019, according to WalletHub’s updated rankings for the States Whose Unemployment Claims Are Recovering the Quickest.
Key Stats:
- Weekly unemployment claims in New York decreased by 6.81% compared to the same week in 2019. This was the 17th smallest decrease in the U.S.
- Weekly unemployment claims in New York decreased by 49.30% compared to the start of 2020. This was the 9th biggest decrease in the U.S.
- Weekly unemployment claims in New York decreased by 63.73% compared to the same week last year. This was the 24th smallest decrease in the U.S.
Q&A
How is the Omicron variant affecting unemployment?
“The omicron coronavirus variant is creating uncertainty in everything from consumer habits to the labor market. This uncertainty is not a good thing for unemployment,” said Jill Gonzalez, WalletHub analyst. “The new variant is keeping people who would otherwise return to work at home due to public health fears. Vaccine boosters have also become harder and harder to come by in the past weeks, which isn't helping those who might be willing to come back to work.”
Do you think the additional tax refunds sent by the IRA will boost consumer spending?
“The additional tax refunds recently sent by the IRA should aid in consumer spending, right on time for Q4 holiday shopping. Due to previous overpayments, more than $510 million in refunds were sent, averaging about $1,189 per filer. That is a decent chunk of change,” said Jill Gonzalez, WalletHub analyst. “That should match or surpass most people's holiday shopping budget. This round of additional refunds should give consumers a boost right when they need it, while Q1 tax refunds are typically used to pay down debt.”
How do red states and blue states compare when it comes to recovery?
“With an average rank of 25 among the most recovered states, blue states had a better recovery from unemployment claims last week than red states, which rank 27 on average,” said Jill Gonzalez, WalletHub analyst. “The lower the number of the ranking, the bigger the state’s recovery was.”