WalletHub Study: New Jersey Is the State with the 2nd Worst Unemployment Rate Change

the staff of the Ridgewood blog

Trenton NJ, with inflation slowing but prices still relatively high and the U.S. gaining 336,000 jobs in September, WalletHub today released updated rankings for its report on Changes in Unemployment Rate by State.

In order to take stock of how unemployment rates are changing throughout the U.S., WalletHub compared the 50 states and the District of Columbia based on six key metrics that compare unemployment rate statistics from the latest month for which data is available (September 2023) to key dates in 2023, 2022, 2020 and 2019.

Below, you can see highlights from the report, along with a WalletHub Q&A.

Unemployment Change in New Jersey:

• Overall rank for New Jersey: 50^th
• 5.41% Change in Unemployment (September 2023 vs August 2023)
  • 214,336 unemployed people in September 2023 vs 203,340 in August 2023;
  • 8^th worst change in the U.S.
• 40.49% Change in Unemployment (September 2023 vs September 2022)
  • 214,336 unemployed people in September 2023 vs 152,559 in September 2022;
  • The worst change in the U.S.
• -36.17% Change in Unemployment (September 2023 vs September 2020)
  • 214,336 unemployed people in September 2023 vs 335,768 in September 2020;
  • 5^th worst change in the U.S.
• 27.38% Change in Unemployment (September 2023 vs September 2019)
  • 214,336 unemployed people in September 2023 vs 168,263 in September 2019;
  • 3^rd worst change in the U.S.
• -15.81% Change in Not Seasonally Adjusted Continued Claims (September 2023 vs August 2023)
  • 88,322 continued claims in September 2023 vs 104,912 in August 2023;
  • 17^th best change in the U.S.
• 4.4% Unemployment Rate (September 2023)
  • 5^th highest unemployment rate in the U.S.

To view the full report and your state’s rank, please visit: https://wallethub.com/edu/states-unemployment-rates/74907