How far has Tennessee’s unemployment rate rebounded since the start of the pandemic?

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WalletHub recently published an article ranking each state in terms of unemployment statistics to determine which states are bouncing back the most. The U.S. unemployment rate sits at 3.6%, which is still slightly higher than it was before the pandemic, but well below the near-historic high of 14.7% in April 2020, WalletHub reports. .

In order to determine the states whose unemployment rates are rebounding the most, WalletHub compared the 50 states and the District of Columbia in two categories. In the first category, WalletHub compared the evolution of unemployment from the last month for which WalletHub had data (May 2022) to May 2019, May 2020, May 2021 and January 2020, in order to show the impact since 2019 and since the start of the pandemic. WalletHub also compared unadjusted continuing claims from May 2022 to May 2019. In the second category, WalletHub looked at the state’s overall unemployment rate and then used the average of those categories to rank the states.

Tennessee sits right in the middle at 25th, according to Wallet Hub’s report.

Wallet Hub Stats:

  • Change in the unemployment rate of 0.7% in May 2019 compared to May 2022.
  • -6.1% change in the unemployment rate in May 2022 compared to January 2020
  • -71.6% change in the unemployment rate May 2022 vs May 2020
  • -26.3% change in the unemployment rate May 2022 vs May 2021

Additionally, the total unemployment rate in the Volunteer State sits at 3.3%, which is 26th in the nation. This is just below the national average of 3.6%.

“The most important thing unemployed workers should look for when deciding which companies to apply to is compensation that is appropriate for their field and skill level. As there is currently a shortage of jobs, workers are in an excellent position to negotiate a worthwhile compensation package,” said WalletHub analyst Jill Gonzalez.

The state with the highest current unemployment rate is New Mexico at 5.1% and Washington DC at 5.7%. Minnesota posted the worst change in employment from May 2019 to May 2022 with a decline of -39.7%.

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