The COVID-19 pandemic sent economic shockwaves through the U.S. economy, tripling the monthly unemployment to nearly 15% and leading to a more than 30% quarterly decline in GDP by far the largest economic contraction in U.S. history.
No corner of the country was untouched by the pandemic s economic consequences but some states have emerged better off than others. A range of factors, including industrial diversity, labor force education levels, household income, and long-term GDP growth, have an effect on a state s overall economic strength and its ability to withstand the impact of the pandemic.
To determine the states with the best and worst economies, both in the years leading up to the pandemic and during it, 24/7 Wall St. created an index of five measures â five-year economic growth, five-year employment growth, the poverty rate, unemployment rate, and share of adults with a bachelor s degree or higher.
The COVID-19 pandemic sent economic shockwaves through the U.S. economy, tripling the monthly unemployment to nearly 15% and leading to a more than 30% quarterly decline in GDP — by
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Cecilia Rouse Preaches Patience as U.S. Jobs, Economic Recovery Slowly Rebound
Cecilia Rouse (Image: @princetonspia/Instagram)
Cecilia Rouse, the first Black female to chair the Council of Economic Advisers, knows a lot of assumptions and actions are happening as a result of April’s job numbers.
Economists projected more than 1 million new jobs would be added in April, but last Friday it was announced only 266,000 new jobs were added. While many reacted quickly when the numbers were announced, Rouse, took a long -term view. For her, the numbers show positives.
“I was surprised that it was so far off of forecast but it was still a positive number. It showed we created as measured by the week in which employment is measured 266,000 more jobs than there was before and that is positive news,” Rouse told