Consumers are more confident in retaining their current jobs than they were last year, according to the latest WalletHub Economic Index.
New York is struggling with unemployment recently, with last week’s claims 94.21% higher than in the previous week but 2.30% lower than last year, according to WalletHub’s updated rankings for the States Where Unemployment Claims Are Increasing the Most.
Unemployment Situation in New York (1=Worst; 25=Avg.):
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Overall Rank for New York: 1st
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1st – Unemployment Claims Increase vs. Previous Week
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25th – Unemployment Claims Increase vs. Same Week Last Year
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1st – Cumulative Unemployment Claims in 2024 vs. Same Period Last Year
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1st – Unemployment Claims per 100,000 People in Labor Force
Q&A
How do consumer views on the current job market differ from last year?
“Consumers are more confident in retaining their current jobs than they were last year, according to the latest WalletHub Economic Index, signifying that people feel secure in their present employment situation,” noted Cassandra Happe, WalletHub Analyst. “However, there is also a perception that fewer new job opportunities are available, making it harder for job seekers to find work. This trend has led to increased job search burnout, particularly among younger individuals who face the added challenge of having limited job experience compared to other job applicants. These complex dynamics suggest a nuanced outlook on the job market, where both optimism and challenges influence consumer perceptions.”
Which occupational sectors are expected to grow most rapidly within the next decade?
“The healthcare and social assistance sector is on the brink of a significant job surge within the next decade. According to the Bureau of Labor Statistics projections, this sector is poised to account for almost 45% of the total job gains during this period,” observed Cassandra Happe, WalletHub Analyst. “Occupations catering to the aging population, such as home health and personal care aides, are predicted to witness the largest increases. Furthermore, employment in jobs relating to computers and mathematics will grow as more businesses expand their online presence. With consumers generating more data through digital channels, employment in roles focusing on collecting, analyzing, and safeguarding this data, specifically in the fields of data science, statistics, and information security, is projected to grow more than 11 times as fast as the average type of job in the coming years.”
How do red states and blue states compare when it comes to new unemployment claims?
“With an average rank of 32 among the states with the biggest increases in unemployment claims, red states fared better last week than blue states, which rank 20 on average,” said Cassandra Happe, WalletHub Analyst. “The lower the number of the ranking, the bigger the increase in the state’s new unemployment claims was.”
How has unemployment in the East South Central states – the division with the highest inflation growth in the past 12 months – been impacted?
“Among East South Central states, Tennessee’s unemployment claims have experienced the 8th biggest decrease in the U.S. For the week of February 26, Tennessee had 2,811 new unemployment claims, a 10% decrease from the previous week. On the other hand, unemployment claims in Mississippi have experienced an 8% increase for the same period.”
