States with the Biggest Increases in Unemployment Due to COVID-19

From Wallet Hub, Apr 9, 2020

As the U.S. has embraced social distancing policies in order to minimize the spread of COVID-19, many businesses have shut their doors either voluntarily or by government order. While some businesses have dealt with the crisis by having employees work from home, that option is not available to everyone. Millions of Americans have found themselves temporarily or permanently out of a job as a result, illustrated by the extremely high number of initial unemployment insurance claims, at over 6.6 million, for the week of March 30.

While Americans can look forward to stimulus checks in the coming weeks, those who are jobless will likely still struggle. However, not all states have experienced the same levels of unemployment due to the pandemic. In order to find out the states whose unemployment percentages are most and least affected, WalletHub compared the 50 states and the District of Columbia across two key metrics. These metrics compare unemployment claim increases for the week of March 30 to both the same week in 2019 and the first week of 2020.

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States with the Biggest Increases in Unemployment Due to Coronavirus

HAWAII

13 -- Overall Rank

4030.89% -- Increase in Unemployment Claims (2020 vs. 2019)*

2808.60% - Increase in Unemployment Claims (April vs. January 2020)**

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States Where People Need Loans the Most Due to Coronavirus

From Wallet Hub,  Apr 8, 2020

The coronavirus pandemic has deeply disrupted the U.S. economy, which in turn has hurt the incomes of many Americans. Businesses have been forced to lay off workers as they struggle to survive during the crisis, which led to a record 10 million Americans applying for unemployment benefits during the month of March. Consequently, as the market struggles and unemployment climbs, there has also been a surge in the number of Americans interested in borrowing via various types of loans.

Americans who are having trouble with their finances during the COVID-19 pandemic are searching for all sorts of options to relieve the pressure, from personal loans to home equity loans to payday loans. However, people’s interest in getting these types of loans varies from state to state. In order to determine the states where people are searching for loans the most during the pandemic, WalletHub compared the 50 states and the District of Columbia across four key metrics. These metrics combine internal credit report data with data on Google search increases for three loan-related terms.

Greater interest in getting a loan indicates that more people in the state are struggling to make ends meet. It also implies there may be more strain on the state’s public assistance programs in the near future, and the state may experience a deeper recession than others will….

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States Where People Need Loans the Most Due to the COVID-19 Pandemic

Hawaii

18 -- Overall Rank

3 -- ‘Loan Search Interest Index’ Rank

1 -- ‘Payday Loans Search Interest Index’ Rank

42 -- ‘Home Equity Loan Search Interest Index’ Rank

48 -- ‘Change in Average Inquiry Count’ Rank