The report found that the national economy gained 943,000 non-farm payroll jobs. With that, the U.S. unemployment rate now sits at 5.4%, a meteoric drop from the 14.8% of last year.
This drop has been attributed to rising vaccinations and states reeling back restrictions.
To find which states were recovering the best, WalletHub used five key metrics in two categories.
The first category compared the change in unemployment across various time gaps. They also compared not seasonally adjusted continued claims. The second category looked at the state’s overall unemployment rate. Then, the average is taken from those categories to place the rank.
|Change in Unemployment (July 2021 vs July 2020): |
The numbers were calculated as such:
Change in Unemployment – Total Points: 50
- Change in Unemployment in July 2021 vs. July 2019: Full Weight (~12.50 Points)
- Change in Unemployment in July 2021 vs. January 2020: Full Weight (~12.50 Points)
- Change in Unemployment in July 2021 vs. July 2020: Full Weight (~12.50 Points)
- Not Seasonally Adjusted Continued Claims in July 2021 vs. July 2019: Full Weight (~12.50 Points)
Unemployment Rate – Total Points: 50
- Unemployment Rate (July 2021): Full Weight (~50.00 Points)
The full report can be found here.