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88% of American states are yet to regain their pre-pandemic employment levels

88% of American states are yet to regain their pre-pandemic employment levels

Last updated 29th Jun 2022
Disclosure
  • A majority of the American states are grappling with pre-pandemic employment gaps.
  • A new study shows that 88% of them haven't bridged the deficits occasioned by the coronavirus crisis.

A new study has shown that America's employment woes are far from over. That's despite a rebounding GDP and the easing of COVID-19 containment measures.

According to a data compilation by Bankless Times, most states are grappling with high unemployment rates. The data shows that 88% of them are yet to regain their pre-padndemic employment levels. It also projects that two - thirds of them won't have attained those employment levels by June 2022.

Six states have bridged the gap

Despite the gloom and doom that the data portend, there's some ray of hope. The study identified six states that had made gains in tackling unemployment resulting from the coronavirus crisis. The six include Utah, Arizona, Montana, Texas, Georgia, and Idaho.

These six have maintained healthy population growths. Moreover, they are among the most affordable ones to live in. Again, they have had some of the less stringent Covid-19 restrictions. These three factors have proven attractive to workers and companies too.

Further, the data indicates that Western, Midwestern, and Southern states can pull investors and employees. Their incentives are their affordability and limited regulations.

Where are the biggest gaps?

According to the data, North Eastern and Great Lakes region States were likely to have larger pre-pandemic employment gaps.

Others like Hawaii and California that lost significant populations face the same fate. For instance, Hawaii, where Covid-19 ravaged tourism, had the largest deficit by December 2020.

Hawaii's nonfarm payrolls figures in that time fell by 12 percent. New York then followed with a seven percent gap. And rounding up the top three were Vermont, Louisiana, and Alaska. The three recorded six percent gaps.

Elizabeth Kerr

Elizabeth Kerr

Elizabeth is a financial content specialist from Manchester. Her specialities include cryptocurrency, data analysis and financial regulation.