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Wednesday, June 29, 2022

Washington Ranked High In Economic Recovery 

WalletHub’s most recent list of workforces experiencing the quickest recovery from the COVID-19 pandemic has placed Washington near the top. Washington state is ranked No. 12 for quickest unemployment recovery. Washington is not only performing well in the short-term, but long-term as well. The personal finance website compared all 50 states and the District of Columbia based on changes in unemployment claims for several key benchmark weeks.

The report shows there are 229,000 new unemployment claims nationwide. That is a dramatic decrease from the 6.1 million unemployment claims at the peak of the pandemic.

WalletHub analyst stated Washington is ranked high mostly due to the fact that the number of unemployment insurance initial claims has dropped by almost 29% two years after the pandemic started, compared to the pre-pandemic year. The U.S. is making significant progress in the fight against COVID-19 with the distribution of the vaccine and boosters, and this has been reflected in the job market, as new unemployment claims decreased week-over-week on June 6.

Washington seems to be an outlier at the same time. Data shows that when compared to the first week of 2020, the number of unemployment claims in Washington is lower by almost 61%. That is one of the most significant improvements in the country. However, a potential recession would negatively affect unemployment significantly.

Washington fared better on WalletHub’s list than its Pacific Northwest neighbors Oregon and Idaho, No. 33 and No. 27, respectively. Below is a snapshot of the rankings.

The top 10 most recovered states and state designates this week:

1. Delaware

2. Kentucky

3. Pennsylvania

4. Maryland

5. Virginia

6. District of Columbia

7. Maine

8. Arkansas

9. South Dakota

10. Kansas

The top 10 least recovered states this week:

51. Ohio

50. Indiana

49. Colorado

48. California

47. Utah

46. Michigan

45. Texas

44. Mississippi

43. Illinois

42. Florida

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