Unemployment Rate Of August Varies Among States

 

Job cuts in the US continue to soar amid high inflation, rising interest rates and an uncertain economic outlook. The US unemployment rate rose to 3.7 percent in August of 2022, the highest since February and above market expectations of 3.5 percent. The number of unemployed people increased by 344 thousand to 6.014 million, while employment levels went up by 442 thousand to 158.732 million. Meanwhile, the labor force participation rate increased to a five-month high of 62.4 percent in August from 62.1 percent in July.

 

CouponBirds recently conducted a survey of 5,342 employees in different states to find out what the unemployment rate is like in each state. According to the survey, the District of Columbia had the highest unemployment rate in August at 5.2 percent, followed by Alaska and New Mexico, both at 4.5. Minnesota had the lowest unemployment rate, at 1.8 percent.

 

The following table shows the unemployment rate for employees in each state:

 

In the survey conducted by CouponBirds, 50% of employees said that they would accept being laid off if the company was willing to compensate them with two months 'salary as redundancy compensation. 30% of employees are willing to accept 1 month's salary compensation; Others said they could not accept being laid off.

 

The Federal Reserve has acted to ease downward pressure on the economy and reduce unemployment. A significant number of jobs have been added recently, preventing a prolonged slump in the Labor market.

 

Recommended for you

Recommended by

 Diana Howard