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Unemployment Claims in Illinois Are 5.07% Lower Than Pre-COVID Levels – WalletHub Study Unemployment Claims in Illinois Are 5.07% Lower Than Pre-COVID Levels – WalletHub Study Hi Chicago City Wire News Team,
Illinois is having a successful recovery from new unemployment claims, with last week’s claims lower than in the same week in 2019, according to WalletHub’s updated rankings for the States Whose Unemployment Claims Are Recovering the Quickest, along with accompanying videos and audio files
Key Stats:
- Weekly unemployment claims in Illinois decreased by 5.07% compared to the same week in 2019. This was the 20th smallest decrease in the U.S.
- Weekly unemployment claims in Illinois decreased by 36.06% compared to the start of 2020. This was the 16th smallest decrease in the U.S.
- Weekly unemployment claims in Illinois decreased by 46.92% compared to the same week last year. This was the 3rd smallest decrease in the U.S.
https://wallethub.com/edu/states-unemployment-claims/
Please let me know if you have any questions or if you would like to schedule a phone, Skype or in-studio interview with one of our analysts. Full data sets for specific states are also available upon request. In addition, feel free to embed this YouTube video summarizing the study on your website. You can also use or edit these raw files (audio and video) as you see fit.
Best,
Diana Polk
WalletHub Communications Manager
(202) 684-6386
WalletHub Q&A
What do you make of the fact that there are more job openings than there are unemployed Americans?
“Unemployment is really no longer an issue since the country has recovered from much of the fallout of the pandemic,” said Jill Gonzalez, WalletHub Analyst. “The next step might be looking to open up immigration to fill the surplus of jobs nationwide. Doing so would not only help businesses meet their needs, but would also drive additional economic growth.”
Unemployment is now at its lowest since the pandemic started. What does this mean for the U.S. economy?
“The national unemployment rate fell to 3.8 percent last month, the lowest level since the prepandemic level of 3.5 percent. This means that decreasing Covid-19 cases brought on a high number of new jobs and new workers, which are both signs that the pandemic’s hold on the economy may also be decreasing,” said WalletHub Analyst, Jill Gonzalez. “U.S. employers added over 670,000 jobs in February, continuing the streak of strong job growth we've been seeing for months. Job growth, in combination with less mask and vaccine mandates nationwide, should spur even more economic recovery.”
How will low U.S. unemployment rates affect the Federal Reserve's interest rate decision
“The U.S. unemployment rate is now at 3.8 percent, which is very close to the pre-pandemic normal of 3.5 percent. These numbers give the Federal Reserve room to start withdrawing the economic support that was put in place at the start of Covid-19's onslaught,” said Jill Gonzalez, WalletHub Analyst. “Understandably, the Federal Reserve plans to begin raising interest rates this year to try to combat high inflation, and the current unemployment rate has made that possible. It makes sense for interest rates to get back to pre-pandemic normalcy, too.”
How do red states and blue states compare when it comes to recovery
“With an average rank of 25 among the most recovered states, blue states had a better recovery from unemployment claims last week than red states, which rank 27 on average,” said Jill Gonzalez, WalletHub analyst. “The lower the number of the ranking, the bigger the state’s recovery was
How has unemployment in California – the state with the most COVID-19 cases – recovered?
“California’s unemployment claims have experienced the 7th slowest recovery in the U.S. For the week of March 21, California had 42,948 new unemployment claims, a 96% decrease from the peak during the coronavirus pandemic,” said Jill Gonzalez, WalletHub analyst
The above Q&A is also provided in audio format and can be edited as needed.
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