COVID-19 has had disastrous effects on the job market with millions of people in the United States left unemployed. Till this date, about 42 million people have already filed for unemployment benefits in the country. The coronavirus has eradicated 20 million jobs that were created in the past 10 years by a two-to-one margin.
On the bright side, some states have started to bounce bank form this wave of unemployment. According to Yahoo Finance, Rhode Island, Michigan and Vermont have displayed early signs of things going back to normal.
Comparing the first five weeks of March to the past five weeks, it has been found that there has been a 75% fall in jobless claims in the states of Montana, Idaho, Vermont, Michigan, and Rhode Island. While each state still receives unemployment applications, there has certainly been a reduction in the rates they come in.
West Virginia, Utah, Pennsylvania, Ohio, and Indiana all have their spots on the list fo top 10 states that show the biggest drop in average weekly applications.
However, it'll still take a lot of time for things to go back to normal in the mentioned states. Take Michigan for example, it has the third-largest insured unemployment in America at 22.9%. While things might seem to be improving for the state, it has a huge road ahead of it.
The data also shows that unemployment rates are not slowing down in some hardest-hit states. Georgia and Florida have had the highest number of average unemployment claims over a few weeks. And these states are yet to show an improvement in the number of unemployment claims that are pouring in at 30%.
We can expect some more updates on the country's unemployment picture soon.