As things continue to be rough out there for the week of Feb. 27, new unemployment claims in California were nearly 26% higher than in the previous week, amid high inflation and the threat of a recession, according to WalletHub’s latest rankings.
Here are some some key statistics provided by the Washington, DC-based financial services website:
- Weekly unemployment claims in California increased by 25.88% compared to the previous week. This was the 12th biggest increase in the U.S.
- Weekly unemployment claims in California were 17.00% higher than in the same week last year. This was the 18th biggest increase in the U.S.
- Weekly unemployment claims in California were 24.20% higher than in the same week pre-pandemic (2019). This was the 14th biggest increase in the U.S.
- Unemployment insurance initial claims per 100,000 people in labor force in California were 264.
But despite recent layoffs, unemployment remains low, explained WalletHub analyst Jill Gonzalez.
“Despite recent layoffs, the number of unemployment claims has actually been dropping. That’s because there are still many more jobs than unemployed people, at about two openings per jobless person,” she said.
She noted that most recent layoffs have been in the tech sector, which is more sensitive to rising interest rates because of how those companies are funded.
“Unemployment is really no longer an issue since the country has recovered from much of the fallout of the pandemic,” added Gonzalez. “The next step might be looking to open up immigration to fill the surplus of jobs nationwide.”
