10 States facing economic challenges – Over the last three years, the U.S. economy has fluctuated more than it has in many previous decades. When the unemployment rate rose to an all-time high of 14.7% in April 2020, the coronavirus pandemic almost brought the economy to a complete halt in 2020.
Since the Bureau of Labor Statistics started collecting records in January 1948, both the 14.7% overall rate and the 10.3% increase from the previous month were the highest ever.
GOBankingRates examined a range of economic indicators, including year-over-year GDP growth, unemployment rates, pay fluctuations, and the proportion of a state’s population that lives in poverty, in order to identify which economies are thriving and which are in decline. (Image courtesy of www.aol.com)
Some of the economic challenges that await us in 2023: imminent recession; stubborn inflation; energy crisis, geopolitical tensions and technology war.
In terms of the jobless rate and year-over-year GDP the economy has started to stabilize, but not across the board. According to Fortune, the nation has been dealing with record-high inflation for several months as a result of issues with the supply chain that increased the cost of goods, a brief increase in spending owing to government stimulus funds, and finally the Fed hiking interest rates. While some states are still working to achieve balance, others have already recovered almost to pre-pandemic levels.
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States Facing Economic Challenges
These states are having a hard time overcoming the recent economic challenges. Residents of these states continue to struggle to obtain employment and boost the GDP of their respective states, despite the fact that overall unemployment trends are improving.
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1. West Virginia
- 3.9% unemployment in January 2023
- 2.8% GDP increase from Q2 to Q3 of 2022
- $1,042 per week on average in Q3 2022.
- Population below the poverty level in 2021: 16.9
According to a WalletHub analysis, two West Virginian cities are among the “neediest cities” in the country. (Photo by Getty Images)
2. Mississippi
- 3.9% unemployment in January 2023
- Q2 to Q3 2022 GDP Growth: 5.0%
- Weekly average pay in Q3 2022: $933
- Population below the poverty level in 2021: 19.4
3. Louisiana
- 3.5% unemployment rate in January 2023.
- Q2 to Q3 2022 GDP growth: 5.2%
- Weekly pay average: $1,103 in Q3 2022
- Population below the poverty line as a percentage in 2021: 18.8
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4. New Mexico
- 3.5% unemployment rate in January 2023.
- 4.9% GDP growth from Q2 to Q3 of 2022
- $1,087 per week on average in Q3 2022.
- Population below the poverty level in 2021: 18.3
5. Ohio
- 4.0% unemployment in January 2023
- Q2 to Q3 2022 GDP growth: 6.0%
- Weekly pay average: $1,187 in Q3 2022
- Population below the poverty line in 2021: 13.4
Since the late 1960s, when a never-forgotten oil fire ignited the decline of the city’s industrial industry, Cleveland, Ohio, has played the role of America’s underdog. (Image courtesy of www.cntraveler.com)
6. Wyoming
- 3.9% unemployment in January 2023
- 2.5% GDP growth from Q2 to Q3 of 2022
- $1,083 per week on average in Q3 2022.
- Population below the poverty line as a percentage in 2021: 10.7
When picking a city to live, it’s necessary to take into account factors like income, cost of living, and safety statistics, but if you truly want to know which cities are the greatest, just ask the locals. (Image courtesy of www.onlyinyourstate.com)
7. Kentucky
- 3.9% unemployment in January 2023
- Q2 to Q3 2022 GDP growth: 6.6%
- Weekly pay average: $1,082 as of Q3 2022
- Population below the poverty level in 2021: 16.3
8. Michigan
- 4.3% unemployment in January 2023
- 7.5% GDP growth from Q2 to Q3 of 2022
- $1,236 per week on average in Q3 2022.
- Population below the poverty level in 2021: 13.3
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9. Oklahoma
- 3.1% unemployment in January 2023
- Q2 to Q3 2022 GDP growth: 4.4%
- $1,047 per week on average in Q3 2022.
- Population below the poverty line as a percentage in 2021: 15.2
10. California
- 4.2% unemployment in January 2023
- 8.9% GDP increase from Q2 to Q3 of 2022
- $1,601 per week on average as of Q3 2022.
- Population below the poverty line as a percentage in 2021: 12.3
