States Where the Unemployment Rate Is at an All Time Low

Just two years after the COVID-19 pandemic sent the U.S. jobless rate soaring to an all-time high of 14.7% in April 2020, the job market has largely recovered. As of April 2022, the unemployment rate stood at a historically low 3.6% nationwide – and in many states, the unemployment rate now stands at its lowest level in history. 

Using unemployment data from the Bureau of Labor Statistics, 24/7 Wall St. identified the states where unemployment is at an all-time low. In each of the 17 states on this list, the unemployment rate as of April 2022 is at its lowest point since record keeping in the state began.

The states on this list are spread across the country, though none are in the Northeast. Notably, all but two – Alabama and West Virginia – reported all-time high jobless rates in either April or May of 2020, highlighting their job market’s rapid recovery. 

Though they do not rank on this list, two additional states reported all-time low jobless rates earlier this year; Arkansas, at 3.1% in February and March, and Oklahoma at 2.6% in February. The April unemployment rate in each of those states is only one-tenth of a percentage point higher than the all-time low. Here is a look at the April jobless rate in each of the 50 states. 

Some experts, including Will Dudley, the former president of the New York Federal Reserve Bank, say that the U.S. labor market is the tightest it has ever been. Indeed, there are an average of about two job openings for every out-of-work job seeker nationwide. Under these conditions, employers are raising wages to hold on to their workforce and attract new talent. Here is a look at the states with the most job openings

Click here to see the states where the unemployment rate is at an all time low

Sponsored: Find a Qualified Financial Advisor:

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Source: Read Full Article

click fraud detection