AdvisorSmith Discovers the States with the Highest Increase in Unemployment Rates due to Coronavirus

NEW YORK - May 27, 2020 - PRLog -- AdvisorSmith, a leading information resource for business advice and original research, released a new study that found the U.S. states with the highest increases in unemployment rates due to the coronavirus pandemic.

Coronavirus has had a massive impact on not only our health but also on our daily lives and the economy. Since the initial outbreak earlier this year, unemployment rates have risen due to shelter in place orders that have forced the closure of nonessential business and many workers who have been laid off, furloughed, or unemployed.

In February 2020, the unemployment rate nationwide was 3.5%. Two months later, in April, that rate grew to 14.7%, with 20.5 million workers becoming unemployed that same month.

With unemployment affecting so many people, AdvisorSmith examined the changes in unemployment rates in all 50 states and the District of Columbia and ranked them to determine which states experienced the most substantial increase in unemployment. To determine the ranking, the study used data from the Bureau of Labor Statistics and looked at the rate in April 2020 and compared it to the rate before the pandemic (January 2020).

Interesting findings:

• States whose economies depend heavily on tourism were hit the hardest. Nevada and Hawaii were the top two states as coronavirus nearly collapsed the tourism industry.
• Michigan came out as number three due to the impact of auto plant closures as a precautionary measure to prevent the mass spread of the disease.
• Massachusetts came in at number four, with the unemployment rate at 15%. The leisure and hospitality industry - which accounts for 61% of the workforce - was hit the hardest.

Top 10 States with the Largest Unemployment Increases:

• Nevada
• Hawaii
• Michigan
• Massachusetts
• New Hampshire
• Florida
• Indiana
• Rhode Island
• Texas
• Illinois

To view the original report and the rest of the states, https://advisorsmith.com/data/states-with-the-most-unempl...

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, go to https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.