FOSTER CITY, Calif.,
June 9, 2020 /PRNewswire/ -- With the
coronavirus battering nearly every business sector and costing
about twenty million jobs so far, MoneyRates.com examines the
pandemic's toll on each state's job market. The personal finance
resource releases its new study today which aims to assist job
seekers by identifying the job markets that are best holding up
under historically tough economic conditions.
The report analyzes the job market condition in every state
(plus the District of Columbia)
based on four factors:
- Unemployment rate
- Change in the unemployment rate since coronavirus lockdowns
began
- Exposure to industry sectors that have been most vulnerable to
lockdowns
- The number of job seekers per most recently-reported number of
job openings in each state
Based on the analysis, Utah's job market is best weathering
COVID-19 economic challenges. While the average state unemployment
rate has surged to more than 13%, Utah's is less than half that. It also has
just 1.3 job seekers for every opening, and its job market is less
dependent on highly vulnerable industries than those of most
states. Utah was buoyed by ranking
among the 10 best states in each of the study's four categories.
Using this analysis, the top ten job markets include:
- Utah
- Kansas
- Nebraska
- Wyoming
- South Dakota
- Indiana (tie)
- Virginia (tie)
- Arizona
- Colorado
- North Dakota
While all job markets have suffered from the crisis, conditions
vary greatly from state to state based on the sectors that drive
their economies. For context, the industry sectors hardest hit by
job losses (as a percentage) since the end of February are:
- Leisure and hospitality
- Construction; trade, transportation and utilities
- Education and health services
- Other services (which includes things like hair salons and auto
repair shops)
Looking at the District of
Columbia for example, 42.28% of its job market is exposed to
these sectors, compared to Nevada,
where 63.35% of the job market depends on these types of jobs.
The results help point to each state's ability, or lack thereof,
to withstand the pandemic. For example, South Dakota has just over one job seeker for
every opening while Washington
State has over five job seekers for every opening.
While the average state saw unemployment rates increase by more
than 12% since February, the numbers spiked by more than 20% in
Washington, Michigan and Nevada. For scale, unemployment rates range
from a low of 5.6% in South Dakota
to a high of 23.52% in Nevada.
"Some types of jobs are much more affected than others,"
explains Richard Barrington, the
Senior Financial Analyst for MoneyRates.com and study's author.
"Jobs that can be done in wide-open spaces or are information-based
and can be conducted remotely have held up relatively well. Those
that are travel-based or hands-on services have been hardest hit.
Some states have much higher concentrations of the hardest hit jobs
than others."
To find out how each state stacks up with in-depth insights on
the findings and methodology, visit The 10 Job Markets Standing Up
Best to Coronavirus.
About MoneyRates.com
MoneyRates.com is owned and
operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in
delivering online marketplace solutions to match searchers with
brands in digital media. QuinStreet is committed to providing
consumers and businesses with the information and tools they need
to research, find and select the products and brands that meet
their needs. MoneyRates.com is a member of the company's expert
research and publishing division.
Since 1998, MoneyRates.com has served as a personal finance
resource designed to help readers make the most of their money. In
addition to a variety of financial calculators, MoneyRates.com
researches and tracks CD, savings, and money market rates offered
from over 400 financial institutions across the country to offer
expert advice on banking, investing and retirement planning.
Twitter: @MoneyRates
Facebook: www.facebook.com/MoneyRatesdotcom
Media contacts
Amy
Eury
Public Relations Manager
aeury@quinstreet.com
Direct +1.412.532.9352
Or,
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QuinStreet@libertycomms.com
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SOURCE MoneyRates.com