USA – Unemployment rate Evolution

In the past few days, we have analysed the trend of the poverty rate in the US. In this new article we will analyse the unemployment rate in the US. Also this time the analysis will be done for individual states. In the video you can see the evolution from 2005 to 2020. In the following data you will see the development from 1990 until today. U.S. unemployment Rate by State.

USA – Unemployment rate Evolution from 2005 to 2020

In the map below you can see the development of the unemployment rate over the last 15 years. As I already explained in a previous article (link) the two big crisis moments were mainly in 2008 and in the last few months.

In 2008 the famous financial crisis increased the unemployment levels all over the USA. In January 2010, for example, the unemployment rate in California was 12.2%. Only two years earlier, the unemployment figure was 6%. Never, from 1990 to 2010, had a state like California had so many unemployed people. But the same was true for all the other states in the United States.
Unemployment rates began to fall towards the end of 2011 and then slowly returned to pre-financial crisis levels.

The trend in the unemployment rate has remained broadly stable in recent years. But a big change has been brought about by the Coronavirus pandemic. In addition to the hundreds of thousands of victims in the USA, the virus has also affected the economy. As you can see from the map, in April 2020 unprecedented unemployment rates were reached in the US. The three states with the highest unemployment rates in April 2020 were Nevada, Michigan and Hawaii. The latter, for example, rose in a single month from 4.3 to 24, an unprecedented increase. Nevada, on the other hand, was the top US state in terms of unemployment rate at 30.1 points.

The impact of the Coronavirus on the US unemployment rate

It is difficult to measure today what the overall impact of the Coronavirus will be. But it is still possible to analyse the 2020 data. In fact, thanks to the Bureau of Labor Statistics publication, it is possible to see the trend in recent months.

The month that impacted the U.S. unemployment rate the most is definitely April 2020. In fact among the top 30 states for this value all had a value above 12.5%. In January of the same year, the 30th state for this parameter had a value of 3.3%, 1/4 of the total. After the first disastrous data, the unemployment rate has slowly come back down, even if in December 2020 the data are still high compared to the average. In fact, there are 4 states with 9 or more percent unemployment rates (including California). And the 30th state, Georgia, has a value of 5.6 percent. In January, Maryland was the 30th state and had a value of 3.3%. Recovery still seems a long way off.

Source and useful data

This article has been compiled from data found here: Bureau of Labor Statistics.

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