The week of July 17, new unemployment claims in Kentucky were 25.37% lower than in the previous week, amid the slowing of inflation, according to WalletHub’s updated rankings for the States Where Unemployment Claims Are Decreasing the Most.Key Stats:
- Weekly unemployment claims in Kentucky decreased by 25.37% compared to the previous week. This was the 14th biggest decrease in the U.S.
- Weekly unemployment claims in Kentucky were 61.73% lower than in the same week last year. This was the 2nd biggest decrease in the U.S.
- Weekly unemployment claims in Kentucky were 73.03% lower than in the pre-pandemic week (2019). This was the biggest decrease in the U.S.
- Unemployment Insurance Initial Claims per 100,000 People in Labor Force in Kentucky: 70
WalletHub Q&AHow long are record-low unemployment figures expected to continue?“Record low unemployment figures should not be expected to continue much longer,” says Jill Gonzalez, WalletHub Analyst. “The Federal Reserve rate hikes have already started a slowing of inflation, which in turn will cause unemployment numbers to increase. The hikes, coupled with the chances of a recession in the next 12 months at over 70 percent, are two leading causes of why we will see record-low unemployment come to an end sooner rather than later.”What job types are experiencing the highest levels of unemployment and why?“Certain job types are still seeing higher levels of unemployment currently. For instance, construction jobs have very high unemployment numbers right now due to building activity slowdown, with higher interest rates lowering demand for new individual housing,” said Jill Gonzalez, WalletHub Analyst.“Farming, fishing, and forestry jobs are also seeing high unemployment, which has more to do with technological advances and less about the current economy or pandemic recovery.”How do red states and blue states compare when it comes to new unemployment claims?“With an average rank of 22 among the states with the biggest decreases in unemployment claims, red states fared better last week than blue states, which rank 29 on average,” said Jill Gonzalez, WalletHub Analyst. “The lower the ranking number, the bigger the decrease in the state’s new unemployment claims was.”How has unemployment in the South Atlantic states – the division with the highest inflation growth in the past 12 months – been impacted?“In the South Atlantic region, South Carolina’s unemployment claims have experienced the biggest decrease in the U.S. For July 17, South Carolina had 2,194 new unemployment claims, a 55% decrease from the previous week. Furthermore, no states registered an increase in unemployment claims for the same period.”
