Michigan, Vermont, and New York Saw Largest Degree of Job Losses Due to Coronavirus Pandemic According to LendingTree Study
Michigansaw the largest proportional job loss at 23% between April 2019and April 2020.
- The state lost about 1 million workers in total. If we multiplied all those jobs by the average annual earnings in
Michigan, they are equivalent to $51.6 billionin lost annual earnings. Vermontranks second, with a 21.5% decrease in jobs over the year.
- During this time period, the state reported 68,100 jobs that were lost.
New Yorkhas 1.9 million less workers on payroll in April 2020than in April 2019.
- The data shows that 19.4% of all jobs have been lost. If we assumed all those jobs paid the average annual earnings for workers in
New York, that is a loss of nearly $122 billion. Nevadaranks No. 7, with a 18% decline in jobs. According to local area unemployment statistics from BLS, Nevadacurrently has the highest unemployment rate in the nation at 28.2%.
- The northeast region has seen the biggest impacted by far. Nine northeastern states cracked the top 12.
Californialost the highest number of workers at 2.3 million.
- However, with its high population, the state as a whole saw a smaller proportional impact:
Californialost 13.4% of jobs year over year.
- No state saw jobs grow over this period and of all the states,
Utahhad the lowest rate of job losses. It lost about 7% of its workforce, or about 109,100 jobs. South Dakotalost 7.6% of its jobs over the time period analyzed, equal to $1.4 billionin lost earnings.
North Dakotadid worse, losing 9.7% of its jobs with a 50% larger loss in earnings.
District of Columbiaalso fared relatively well, with reported job losses at 7.8%.
- Despite the relatively low number of jobs lost (62,100) in the capital, the high average earnings (
$89,800) for workers means that the annualized value of jobs lost ( $5.6 billion) is significant for its rank.
- Across the 50 states and the
District of Columbia, the average percentage of jobs lost was 13%.
It might come as a surprise that some of the most populous states in America aren't at the top of this list. However, the dense population of certain states actually gives their economies a cushion when it comes to job losses. For example,
Even at the bottom of the list, there are no states that got anywhere near breaking even with jobs compared with last April. However, the states at the bottom of the list have seen a smaller proportion of job losses compared with most other states on our list. The bottom 10 states with job losses all saw their workforce decrease by 9% or less, which isn't so bad when compared with the most-affected states, where their workforces decreased by nearly 20% or more.
For the full report, please visit: https://www.lendingtree.com/personal/states-job-loss-coronavirus-study/
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