To identify which states’ workforces are experiencing the quickest recovery from COVID-19, WalletHub compared the 50 states and the District of Columbia across three metrics based on changes in unemployment claims. Below, you can see highlights from the report, along with a WalletHub Q&A. To see the states most recovered since the beginning of the COVID-19 pandemic, click here.
Change in New Mexico Weekly Unemployment Claims (1=Quickest Recovery, 25=Avg.):
- 400.14% Change in Unemployment Claims (Latest Week vs Last Year)
- 3,496 the week of September 21, 2020 vs 699 the week of September 23, 2019
- 14th slowest recovery in the U.S.
- 337.55% Change in Unemployment Claims (Latest Week vs Start of 2020)
- 3,496 the week of September 21, 2020 vs 799 the week of January 1, 2020
- 5th slowest recovery in the U.S.
- 1,160.76% Change in Unemployment Claims (Since Start of COVID-19 Crisis vs Last Year)
- 248,415 between the week of March 16, 2020 and the week of September 21, 2020 vs 21,401 between the week of March 18, 2019 and the week of September 23, 2019
- 19th slowest recovery in the U.S.
To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/states-unemployment-claims/72730/.
WalletHub Q&A
How might the distribution of 150 million rapid COVID-19 tests as promised by President Trump impact unemployment?
“If 150 million rapid COVID-19 tests get distributed, it could help us achieve a full reopening even before the development of a vaccine. Mass producing rapid COVID-19 tests and having them readily available in crowded spaces like airports, schools and businesses will allow us to open buildings at a higher capacity to those who test negative,” said Jill Gonzalez, WalletHub analyst. “Widespread rapid testing will be a game-changer for accelerating the reopening of schools, which in turn will relieve the pressure on parents who have had to stay home rather than work.”
If a coronavirus vaccine is distributed before the end of the year, how could that impact unemployment?
“If a coronavirus vaccine becomes available before the end of the year, that’s great news for unemployment. If most people are vaccinated against COVID-19, the transmission risk will be minimized and we will finally be able to achieve a full reopening. Business revenue will increase, and as a result, businesses will have a greater ability to hire,” said Jill Gonzalez, WalletHub analyst. “Even though it would be great to have a vaccine this year, it’s important to make sure that clinical trials are not rushed so that the final product has the best efficacy possible. We may also face an uphill battle getting people vaccinated, as recent surveys suggest as much as a third of the population would refuse the vaccine.”
Are Americans more concerned about unemployment or about COVID-19?
“Around 35 percent of Americans say COVID-19 is the biggest problem facing the U.S., compared to 3 percent who say unemployment, which shows that Americans are more focused on the pandemic,” said Jill Gonzalez, WalletHub analyst. “It’s important to remember that COVID-19 is the ultimate source of our unemployment problems, as we had record low unemployment before the pandemic which jumped to a nearly historic high due to business closures. The sooner we contain the pandemic, the sooner the employment market can recover.”
What measures can we use to detect/trace COVID-19 in the workplace to prevent outbreaks that will lead to more unemployment?
“In order to prevent outbreaks of COVID-19 in the workplace that will lead to more unemployment, we should implement testing upon arrival as well as use apps to perform swift contact tracing for any employees found to have the virus,” said Jill Gonzalez, WalletHub analyst. “The problem with current COVID-19 testing is that in order to preserve accuracy it is expensive and slow. For workplaces and public spaces like airports, we need to have cheap, near-instant tests available for mass testing, even if they are not quite as accurate. Such tests are in development but need FDA approval.”
How do red states and blue states compare when it comes to recovery?
“With an average rank of 24 among the most recovered states, red states had a better recovery from unemployment claims last week than blue states, which rank 29 on average,” said Jill Gonzalez, WalletHub analyst. “The lower the number of the ranking, the bigger the state’s recovery was.”
New Mexico Revenue outlook brightens, but future hazy
Groups call for New Mexico governor to forgo salary during unemployment crisis
From the GOP NM House:
New Mexico Democrats Celebrate Temporary Windfall as NM Unemployment Ranks 6th Worst in the Nation
Santa Fe – Governor Lujan Grisham’s finance officials today shared their budget outlook with state legislators. The latest budget revenues are higher than expected, leading officials to prematurely celebrate a better than expected budget outlook as the state heads into the final weeks of the election. The budget revenues reveal that New Mexico gross receipts tax revenue has not decreased much, in part due to federal unemployment keeping many New Mexico families afloat as the forced economic shutdown continues into its eight month.
“Make no mistake, the state budget is being temporarily stabilized by federal dollars that are supporting unemployed New Mexicans as we enter the eighth month of the forced economic shutdown,” said House Republican Leader Jim Townsend (Artesia). “The house of cards that the current administration has built on the backs of hardworking New Mexicans will be tough to support as we move forward, especially given that the Governor increased government spending by 20% over her first two years in office. The temporary, federally funded, backstop is not enough. We cannot count on Congress to deliver another surplus and we cannot count on current leadership to responsibly spend New Mexico wage earners tax dollars.”
Unemployment in New Mexico has markedly increased from a record low of 4.8% just a year ago. The state enters October 2020 with an 11.8% rate of unemployment, along with a strained and depleted unemployment fund. Additionally, New Mexico now ranks 6th worst unemployment rate in the nation.
“There is nothing to celebrate about these budget predictions while New Mexico is in the midst of the Lujan Grisham shutdown recession. New Mexicans across the state are unemployed, many permanently, and the fact that this administration is seemingly taking a victory lap shows how out of touch Santa Fe politics is with everyday citizens,” said House Republican Whip Rod Montoya (Farmington). “It is interesting that the Governor is proudly touting that her government has cash in the bank, when many New Mexicans are struggling and stressing about finding employment and wondering when our unemployment fund will be tapped out.”