How Bad is Louisiana Unemployment Because of COVID 19?
The numbers are stark...and chilling. In the first week of Governor John Bel Edwards' stay-at-home order, jobless claims in Louisiana jumped from only 2,000 to 50,000! And in the six weeks since, our state, just like the rest of the USA, has undergone an economic collapse not scene in almost one hundred years.
But how does the hardship of Louisiana compare with the rest of the USA? According to a recent study by the personal finance website, WalletHub, the Pelican State is one of the nation's hardest hit in jobs lost.
In identifying the parts of the country hurt most by the Coronavirus shutown, WalletHub took a look at the 50 states and the District of Columbia based on increases in unemployment claims. This information, combined with other trends, was used to rank the states hardest hit.
And when it comes to Louisiana, as previously mentioned, the metrics don't look good. What's the old phrase? When you find yourself in a hole, stop digging. Well, when it comes to the economy and COVID 19...welcome to Louisiana.
Here are just a few of the dire WalletHub stats:
Increase in Louisiana Unemployment Due to Coronavirus:
- 2,495.17% Increase in Unemployment Claims
- 52,137 the week of April 27, 2020 vs 2,009 the week of April 29, 2019
- 10th highest increase in the U.S.
- 3,044.57% Increase in the Number of Unemployment Claims
- 52,137 the week of April 27, 2020 vs 1,658 the week of January 1, 2020
- 2nd highest increase in the U.S.
- 4,496.89% Increase in Unemployment Claims Since Pandemic Started
- 560,313 between the week of March 16, 2020 and the week of April 27, 2020
- 4th highest increase in the U.S.
Interestingly, two of the southern states with the strongest economies, Texas and Florida, were among the hardest hit by the shutdown. And perhaps just as surprising, Louisiana's neighbors, Arkansas and Mississippi, a pair of states whose economies rival our own in a lack of prosperity, suffered very little economic damage.