Alabama Is the State with the 9th Best Unemployment Rate Change – WalletHub Study

WASHINGTON, DC-May’s jobs report showed an uptick in growth. The economy gained 339,000 nonfarm payroll jobs, up from 294,000 the previous month. In May, there were notable gains in sectors including professional and business services, government, health care, construction, transportation and warehousing, and social assistance.

Now, the U.S. unemployment rate sits at 3.7%. We have come a long way from the nearly historic high of 14.7% in May 2020, due to a combination of vaccinations and the country fully reopening. However, inflation and the potential of a recession threaten to push the unemployment rate higher again if Federal Reserve rate increases are not able to stave them off.

WalletHub today released updated rankings for its report on Changes in Unemployment Rate by State. Alabama ranked 9th in this poll.

• -11.10% Change in Unemployment (May 2023 vs May 2022)
  • 51,445 unemployed people in May 2023 vs 57,866 in May 2022;
  • 9^th best change in the U.S.
• -78.22% Change in Unemployment (May 2023 vs May 2020)
  • 51,445 unemployed people in May 2023 vs 236,201 in May 2020;
  • 7^th best change in the U.S.
  • 2.2% Unemployment Rate (May 2023)
    • 6^th lowest unemployment rate in the U.S.

Media Release/Diana Polk/WalletHub