Category: Economy

May 28th, 2020 by newbernpostadmin

With 2.1 million more unemployment claims filed this week despite all U.S. states starting to reopen, WalletHub released updated rankings for the States Hit Most by Unemployment Claims, and North Carolina ranked poorly, coming in at 9th.

Since North Carolina is the 10 largest state by population, 9th would indicate it is doing slightly worse than it should for a state its size.

To identify which states’ workforces have been hurt the most by COVID-19, WalletHub compared the 50 states and the District of Columbia based on increases in unemployment claims during the latest week for which we have data (May 18) and overall since the beginning of the coronavirus crisis (March 16). We used this data to rank the most impacted states for both periods. Below, you can see highlights from the report, along with a WalletHub Q&A. To see the states most impacted since the beginning of the COVID-19 pandemic, click here.

Increase in North Carolina Unemployment Claims Due to Coronavirus (1=Worst, 25=Avg.):

  • 1,167.85% Increase in Unemployment Claims (May 2020 vs May 2019)
    • 43,221 the week of May 18, 2020 vs 3,409 the week of May 20, 2019
    • 9th highest increase in the U.S.
  • 1,132.07% Increase in the Number of Unemployment Claims (May 2020 vs January 2020)
    • 43,221 the week of May 18, 2020 vs 3,508 the week of January 1, 2020
    • 5th highest increase in the U.S.
  • 3,243.18% Increase in Unemployment Claims Since Pandemic Started
    • 982,456 between the week of March 16, 2020 and the week of May 18, 2020 vs 30,293 between the week of March 18, 2019 and the week of May 20, 2019
    • 7th highest increase in the U.S.

As every state begins to reopen at least partially after months of keeping non-essential businesses closed, Americans hope to see the massive spike in unemployment start to reverse. More than 40 million Americans have found themselves temporarily or permanently out of a job since the week of March 16, which translates to a staggering 14.5% unemployment. Though the reopening of states will provide opportunities for some people to go back to work, businesses will open in stages rather than all at once, and many may not have the resources to hire as many people as they did previously.

Not all states have experienced the same levels of unemployment due to the pandemic. To identify which states’ workforces have been hurt most by COVID-19, WalletHub compared the 50 states and the District of Columbia based on increases in unemployment claims during the latest week for which we have data (May 18) and overall since the beginning of the coronavirus crisis (March 16). We used this data to rank the most impacted states for both periods. Read on for the results, additional commentary from a panel of experts and a full description of our methodology.

Source: WalletHub

 

States with the Biggest Increases in Unemployment Claims Due to Coronavirus

State Most Affected Last Week  Most Affected Since Start of COVID-19 Crisis
Florida 1 4
Georgia 2 1
Virginia 3 5
Mississippi 4 18
Kentucky 5 3
Oklahoma 6 12
New Hampshire 7 2
North Carolina 8 7
Louisiana 9 6
District of Columbia 10 17
South Dakota 11 9
Indiana 12 8
New York 13 35
Texas 14 34
Maryland 15 23
Delaware 16 27
Alaska 17 49
Tennessee 18 22
Nevada 19 21
New Mexico 20 28
South Carolina 21 10
Alabama 22 20
Arizona 23 44
Washington 24 19
Colorado 25 14
Minnesota 26 13
Wyoming 27 45
North Dakota 28 16
Illinois 29 42
Nebraska 30 26
Hawaii 31 24
Oregon 32 51
Kansas 33 31
California 34 48
Michigan 35 11
Maine 36 15
Massachusetts 37 32
Ohio 38 25
Wisconsin 39 46
Iowa 40 38
Pennsylvania 41 33
Missouri 42 29
Arkansas 43 41
Utah 44 36
West Virginia 45 30
Connecticut 46 50
Montana 47 40
Idaho 48 39
New Jersey 49 43
Rhode Island 50 37
Vermont 51 47

Rank 1 = Most Affected.

Detailed Findings

State Increase in Unemployment Claims (2020 vs 2019)* Increase in Unemployment Claims (May vs January 2020)** Increase in Unemployment Claims (May vs Start of COVID-19 Crisis)***
Florida 2746.18% 3662.04% 3961.00%
Georgia 3821.50% 863.36% 4769.85%
Virginia 2181.58% 1737.86% 3371.78%
Mississippi 1001.72% 1966.89% 2269.54%
Kentucky 1937.07% 938.42% 3969.78%
Oklahoma 1765.68% 991.64% 2629.52%
New Hampshire 1660.86% 910.58% 4062.60%
North Carolina 1167.85% 1132.07% 3243.18%
Louisiana 769.91% 1338.66% 3337.29%
District of Columbia 1033.41% 965.07% 2314.72%
South Dakota 1117.86% 756.78% 3059.38%
Indiana 1279.42% 492.65% 3095.90%
New York 1407.51% 328.56% 1656.26%
Texas 792.41% 935.86% 1681.29%
Maryland 947.26% 734.76% 2074.72%
Delaware 1104.79% 446.63% 1945.54%
Alaska 764.94% 770.23% 1183.93%
Tennessee 774.74% 744.39% 2131.11%
Nevada 745.10% 699.56% 2172.91%
New Mexico 612.61% 819.52% 1944.24%
South Carolina 1151.88% 233.96% 2817.04%
Alabama 899.96% 471.02% 2219.20%
Arizona 550.96% 758.17% 1322.27%
Washington 868.90% 431.52% 2222.54%
Colorado 736.76% 547.10% 2356.18%
Minnesota 962.96% 292.36% 2394.44%
Wyoming 958.99% 247.13% 1302.92%
North Dakota 899.09% 291.99% 2320.88%
Illinois 661.27% 395.45% 1331.63%
Nebraska 576.84% 434.58% 1955.97%
Hawaii 621.78% 375.78% 2050.04%
Oregon 653.60% 309.80% 1107.89%
Kansas 473.81% 475.24% 1772.24%
California 454.78% 478.28% 1188.53%
Michigan 586.83% 337.00% 2708.36%
Maine 764.71% 147.50% 2353.29%
Massachusetts 595.16% 298.77% 1762.38%
Ohio 535.32% 293.74% 2002.09%
Wisconsin 705.58% 120.23% 1246.56%
Iowa 585.43% 218.05% 1580.35%
Pennsylvania 603.79% 154.26% 1681.46%
Missouri 495.79% 246.76% 1938.07%
Arkansas 425.57% 306.21% 1348.70%
Utah 418.04% 259.35% 1639.78%
West Virginia 470.30% 204.48% 1911.97%
Connecticut 516.05% 111.21% 1110.10%
Montana 364.31% 132.60% 1431.98%
Idaho 420.61% 51.23% 1570.47%
New Jersey 319.90% 117.23% 1331.32%
Rhode Island 326.90% 48.07% 1626.70%
Vermont 244.19% 117.65% 1215.13%

*Refers to the increase in the number of unemployment insurance initial claims in the week of May 18, 2020 compared to the week of May 20, 2019.
**Refers to the increase in the number of unemployment insurance initial claims in the week of May 18, 2020 compared to the week of January 1, 2020.
***Refers to the increase in the Number of Unemployment Insurance Initial Claims between the weeks of March 16, 2020 to May 18, 2020 compared to the weeks of March 18, 2019 to May 20, 2019.

 

 

Red vs. Blue States

 

 

 

Posted in Economy, Economy and Employment, Health, State news, WalletHub

May 21st, 2020 by newbernpostadmin

WalletHub | North Carolina has the 10th biggest increase in unemployment claims due to COVID-19

With nearly 39 million Americans now jobless as a result of the COVID-19 pandemic but many people actually making more money while unemployed, WalletHub released updated rankings for the States Hit Most by Unemployment Claims.

To identify which states’ workforces have been hurt the most by COVID-19, WalletHub compared the 50 states and the District of Columbia based on increases in unemployment claims. We used this data to rank the most impacted states in both the latest week for which we have data (May 11) and overall since the beginning of the coronavirus crisis (March 16). Below, you can see highlights from the report, along with a WalletHub Q&A.

Increase in North Carolina Unemployment Claims Due to Coronavirus (1=Worst, 25=Avg.):

  • 1,257.77% Increase in Unemployment Claims (May 2020 vs May 2019)
    • 45,974 the week of May 11, 2020 vs 3,386 the week of May 13, 2019
    • 12th highest increase in the U.S.
  • 1,210.55% Increase in the Number of Unemployment Claims (May 2020 vs January 2020)
    • 45,974 the week of May 11, 2020 vs 3,508 the week of January 1, 2020
    • 6th highest increase in the U.S.
  • 3,490.17% Increase in Unemployment Claims Since Pandemic Started
    • 938,296 between the week of March 16, 2020 and the week of May 11, 2020 vs 26,884 between the week of March 18, 2019 and the week of May 13, 2019
    • 7th highest increase in the U.S.

Source: WalletHub

 

States with the Biggest Increases in Unemployment Claims Due to Coronavirus

State Most Affected Last Week  Most Affected Since Start of COVID-19 Crisis
Florida 1 4
Georgia 2 1
Washington 3 20
South Dakota 4 8
New Hampshire 5 2
Virginia 6 6
Mississippi 7 15
Kentucky 8 3
Louisiana 9 5
North Carolina 10 7
New York 11 39
Indiana 12 9
Oklahoma 13 12
Maryland 14 23
Tennessee 15 22
District of Columbia 16 17
Texas 17 33
New Mexico 18 28
South Carolina 19 11
Delaware 20 30
Nevada 21 21
Colorado 22 14
Alaska 23 49
Arizona 24 44
Minnesota 25 13
Illinois 26 43
Alabama 27 19
Hawaii 28 24
Nebraska 29 27
Kansas 30 31
North Dakota 31 16
Connecticut 32 50
Michigan 33 10
California 34 48
Wyoming 35 45
Massachusetts 36 32
Wisconsin 37 47
Missouri 38 26
Utah 39 35
Arkansas 40 41
Oregon 41 51
Idaho 42 38
Iowa 43 37
West Virginia 44 29
Ohio 45 25
New Jersey 46 42
Pennsylvania 47 34
Montana 48 40
Rhode Island 49 36
Vermont 50 46
Maine 51 18

Rank 1 = Most Affected.

Detailed Findings

State Increase in Unemployment Claims (2020 vs 2019)* Increase in Unemployment Claims (May vs January 2020)** Increase in Unemployment Claims (May vs Start of COVID-19 Crisis)***
Florida 3424.19% 4749.00% 4083.76%
Georgia 4019.18% 934.87% 4852.55%
Washington 2534.28% 1348.80% 2367.45%
South Dakota 2220.73% 856.28% 3430.36%
New Hampshire 1893.54% 1107.68% 4254.91%
Virginia 1631.77% 1336.26% 3513.00%
Mississippi 1144.59% 1911.63% 2504.78%
Kentucky 1970.25% 808.91% 4241.99%
Louisiana 1156.23% 1639.63% 3742.17%
North Carolina 1257.77% 1210.55% 3490.17%
New York 1807.71% 405.11% 1672.39%
Indiana 1408.76% 583.60% 3259.09%
Oklahoma 1280.35% 711.42% 2651.14%
Maryland 1164.90% 761.48% 2207.13%
Tennessee 1026.94% 830.35% 2300.30%
District of Columbia 915.80% 955.93% 2454.10%
Texas 873.28% 986.61% 1778.60%
New Mexico 913.78% 894.74% 2138.23%
South Carolina 1371.56% 294.14% 2992.20%
Delaware 1173.30% 521.37% 2004.29%
Nevada 929.83% 801.10% 2331.89%
Colorado 1010.58% 638.71% 2532.98%
Alaska 891.09% 727.42% 1229.36%
Arizona 654.56% 931.13% 1389.34%
Minnesota 1062.51% 332.46% 2542.16%
Illinois 886.40% 518.18% 1390.16%
Alabama 888.63% 413.25% 2375.01%
Hawaii 788.73% 504.82% 2201.90%
Nebraska 800.15% 438.94% 2151.82%
Kansas 740.16% 483.41% 1965.56%
North Dakota 910.33% 262.56% 2499.96%
Connecticut 907.47% 231.29% 1153.63%
Michigan 828.40% 312.36% 3065.47%
California 557.57% 570.25% 1257.60%
Wyoming 823.19% 188.67% 1307.61%
Massachusetts 707.76% 304.99% 1888.10%
Wisconsin 792.14% 143.61% 1282.73%
Missouri 687.80% 248.26% 2152.15%
Utah 598.78% 313.37% 1771.91%
Arkansas 528.29% 313.90% 1454.34%
Oregon 583.89% 231.86% 1142.47%
Idaho 656.22% 85.15% 1677.23%
Iowa 565.65% 184.34% 1689.04%
West Virginia 514.30% 210.29% 2065.72%
Ohio 368.71% 333.07% 2163.24%
New Jersey 485.81% 169.64% 1424.40%
Pennsylvania 437.16% 134.74% 1775.53%
Montana 442.31% 117.62% 1542.21%
Rhode Island 440.25% 95.33% 1711.65%
Vermont 297.35% 208.53% 1287.12%
Maine 60.23% -49.13% 2409.93%

*Refers to the increase in the number of unemployment insurance initial claims in the week of May 11, 2020 compared to the week of May 13, 2019.
**Refers to the increase in the number of unemployment insurance initial claims in the week of May 11, 2020 compared to the week of January 1, 2020.
***Refers to the increase in the Number of Unemployment Insurance Initial Claims between the weeks of March 16, 2020 to May 11, 2020 compared to the weeks of March 18, 2019 to May 13, 2019.

 

Coronavirus Job Losses vs. Great Recession


Sources: Bureau of Labor Statistics, St. Louis Federal Reserve.

 

Red vs. Blue States

 

 

Posted in Economy, Economy and Employment, WalletHub

May 11th, 2020 by newbernpostadmin

Phase 2 of lifted COVID-19 restrictions would allow restaurants with outdoor seating, and the city is being asked to close parts of some downtown streets to make room for street cafe setups.

At its Tuesday, May 12 Zoom meeting, the Board of Aldermen will consider the request to temporarily close portions of Middle Street, Pollock Street, and Craven Street to Vehicular Traffic.

This resolution would permit closures of one side of the 200-300 blocks of Middle Street, 300 block of Pollock Street, and the 200 block of Craven Street from 5 p.m. to 11 p.m. accommodating street cafes between May 22, and Aug. 1, 2020.

Lynne Harakal, Executive Director of Swiss Bear, has requested that downtown
restaurants be allowed to close to vehicular traffic a portion of specific streets for the purpose of allowing outdoor seating for restaurants.

This action is aimed at helping the restaurants recover from the closures and reduced revenues associated with COVID-19.

Ordinances will need to be amended to allow for street cafes.

In order to facilitate the request, Chapter 66 of the City’s Code.

Posted in Business, Downtown New Bern, Economy, Health, New Bern

May 9th, 2020 by newbernpostadmin

The New Bern Area Chamber of Commerce is joining the county board of commissioners in asking Governor Roy Cooper to relax COVID-19-related restrictions on Craven County.

In a letter submitted to the New Bern Sun Journal, Chamber of Commerce leaders said the following:

As we are all well-aware, the COVID-19 pandemic is a serious public health crisis. Fortunately, the New Bern area responded strongly and appropriately when asked to do so in mid-late March.

Under direction from our leadership, New Bern residents have diligently shuttered their businesses, closed their schools, and practiced social distancing, all in the name of public health. Everyone accepted that these drastic measures were needed to stem the spread of the virus in our community.

For this, all of us should be thankful in knowing that we are flattening the curve and have hopefully avoided the worst of this pandemic.

Unfortunately, this has also put a great strain on our economic and mental well being. Over the past week, the New Bern Area Chamber of Commerce has solicited feedback from our members regarding the reopening of the area’s economy.

While members are ready to reopen, they also understand that to do so would require that they strictly enforce social distancing and, in some cases, limit the number of customers in their facilities. They understand that they will have to take on additional burdens of cleaning and sanitizing their facilities to avoid a resurgence of this virus. They firmly believe, given the right support, the economy and health of the New Bern area can be properly balanced, and we can move forward.

We applaud the Governor’s phased approach for a gradual reopening based on public health data. However, at the Chamber, we believe that the recovery process should be enacted on a county-by-county or regional basis and not in a one-sized-fits-all model.

Everyone understands that an area like New Bern is a completely different place than a densely populated urban area, such as Raleigh or Charlotte. Rural areas, such as rural eastern North Carolina, have been fortunate to have avoided the worst of the COVID-19 pandemic but are now being forced to suffer a dire economic fate that would last well beyond the COVID-19 pandemic.

New Bern area residents and businesses have been resilient in their efforts to avoid the worst of the COVID-19 pandemic. Officials should now allow us to work just as hard to avoid the economic pitfalls that are certain to come with further shutdowns and restrictions on economic activity.

As we move into the Phases of re-opening, we are asking that Governor Cooper strongly consider this regional approach.

New Bern Area Chamber of Commerce, Lee C. Hodge, 2020 board chair and Kevin M. Roberts, president

Posted in Business, Community issues, Craven County, Economy, Economy and Employment, Health, New Bern

May 5th, 2020 by newbernpostadmin

The federal government is sending out a $1,200 Federal Economic Impact Payments (otherwise known as a federal stimulus payment) for a qualifying adult.

There is also an additional $500 stimulus payment available for each qualifying child under the age of 17.

While people who receive Social Security (SSI) will receive the full $1,200 stimulus payment automatically, those who didn’t file federal tax returns in 2018 or 2019 will need to use the IRS online tool to register to receive an additional $500 stimulus payment for each qualifying child.

People in that group can visit this website to receive the payment. 

For more information on whether some one needs to file the Non-Filers: Enter Payment form, click on the federal IRS tool here. The form must be completed by May 5 and there is no fee to file the form.

For those who filed taxes for 2018 and 2019, no action is required to receive the Federal Economic Impact Payment.

Posted in Economy, Economy and Employment, Health, New Bern, SBA, State news

May 3rd, 2020 by newbernpostadmin
Pamlico News announces it is temporarily shutting down.

The Pamlico News, the Oriental-based weekly newspaper that has covered local news since 1968, is temporarily shutting down due a severe slowdown in advertising revenue.

Businesses have stopped advertising, sapping the paper of operating funds, the paper said in a front-page article.

The article said the paper would return in three weeks.

Meanwhile, the County Compass continues to be chock full of advertising surrounding its stridently right-wing coverage of the pandemic.

In New Bern, the Sun Journal laid off it’s last sports reporter, Jordan Honeycutt, whose last day was Friday.

Honeycutt has been dividing his time between New Bern and Kinston, one person doing the job that once required required six reporters.

Gannet, which owns the Sun Journal, is the largest newspaper chain in the nation but has been struggling under the weight of COVID-19 impacts.

It has furloughed workers, cut executive pay, and now, on Friday, went through yet another round of layoffs.

The Sun Journal newsroom once housed nearly 20 journalists. Today, it limps along with six, with an editor it shares with several other newspapers.

Laying off Honeycutt is a staff reduction of 12.5 percent.

Newspapers have been struggling for some time, but COVID-19 has been particularly ravaging.

Posted in Business, Economy, Health, New Bern, News Media

April 30th, 2020 by newbernpostadmin

The U.S. unemployment rate is still on an upward trend, with roughly 30.3 million Americans now having lost their jobs since the start of the coronavirus pandemic, despite the fact that some states have already begun to selectively reopen businesses.

WalletHub released updated rankings for the States with the Biggest Increases in Unemployment Due to the Coronavirus as a follow-up to our report on the Cities with the Biggest Growth in Unemployment Due to COVID-19, along with accompanying videos.

To identify which states’ workforces have been hurt most by COVID-19, WalletHub compared the 50 states and the District of Columbia based on increases in unemployment claims. We used this data to rank the most impacted states in both the latest week for which we have data (April 20) and overall since the beginning of the coronavirus crisis (March 16). Below, you can see highlights from the report, along with a WalletHub Q&A. To see the states most impacted since the beginning of the COVID-19 pandemic, click here.

Increase in North Carolina Unemployment Due to Coronavirus (1=Worst, 25=Avg.):

  • 3,330.91% Increase in Unemployment Claims (April 2020 vs April 2019)
    • 97,232 the week of April 20, 2020 vs 2,834 the week of April 22, 2019
    • 6th highest increase in the U.S.
  • 2,671.72% Increase in the Number of Unemployment Claims (April 2020 vs January 2020)
    • 97,232 the week of April 20, 2020 vs 3,508 the week of January 1, 2020
    • 4th highest increase in the U.S.
  • 4,332.19% Increase in Unemployment Claims Since Pandemic Started
    • 747,303 between the week of March 16, 2020 and the week of April 20, 2020 vs 17,250 between the week of March 18, 2019 and the week of April 22, 2019
    • 6th highest increase in the U.S.

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

Adam McCann, Financial Writer  •  Apr 30, 2020

Source: WalletHub

 

States with the Biggest Increases in Unemployment Due to Coronavirus

State Most Affected Last Week  Most Affected Since Start of COVID-19 Crisis
Florida 1 5
Georgia 2 1
Kentucky 3 4
Louisiana 4 3
North Carolina 5 6
South Dakota 6 9
Virginia 7 7
West Virginia 8 26
Mississippi 9 13
Alabama 10 17
Washington 11 29
South Carolina 12 12
Texas 13 36
Indiana 14 10
Nevada 15 19
District of Columbia 16 18
Kansas 17 22
New Hampshire 18 2
Oklahoma 19 28
New Mexico 20 27
Colorado 21 14
Tennessee 22 21
North Dakota 23 11
Missouri 24 24
Hawaii 25 20
Minnesota 26 15
Ohio 27 16
Arizona 28 43
Nebraska 29 23
Michigan 30 8
Alaska 31 49
Maryland 32 31
Massachusetts 33 34
Oregon 34 50
Iowa 35 33
Utah 36 35
Arkansas 37 41
Rhode Island 38 40
Illinois 39 42
New York 40 38
California 41 45
Pennsylvania 42 32
Maine 43 25
Delaware 44 30
Wyoming 45 48
Wisconsin 46 47
Vermont 47 46
Idaho 48 37
Montana 49 39
Connecticut 50 51
New Jersey 51 44

Rank 1 = Most Affected.

Detailed Findings

State Increase in Unemployment Claims (2020 vs 2019)* Increase in Unemployment Claims (April vs January 2020)** Increase in Unemployment Claims (April vs Start of COVID-19 Crisis)***
Florida 7229.92% 9264.77% 4521.47%
Georgia 5841.62% 1452.27% 4999.06%
Kentucky 5192.77% 1655.05% 4650.00%
Louisiana 3159.46% 3890.77% 4862.71%
North Carolina 3330.91% 2671.72% 4332.19%
South Dakota 4176.98% 1254.02% 3974.44%
Virginia 3435.96% 2222.55% 4322.42%
West Virginia 3073.39% 1791.05% 2603.62%
Mississippi 2012.14% 2942.70% 3156.01%
Alabama 3242.19% 1242.75% 2991.34%
Washington 2632.09% 1354.08% 2436.92%
South Carolina 2974.99% 772.16% 3541.21%
Texas 2003.60% 1955.46% 2015.72%
Indiana 2508.95% 1194.47% 3949.32%
Nevada 1879.04% 1889.53% 2914.57%
District of Columbia 1975.83% 1596.05% 2984.38%
Kansas 2107.24% 1289.50% 2746.65%
New Hampshire 1562.46% 1979.28% 4901.75%
Oklahoma 2018.26% 1346.72% 2451.96%
New Mexico 1812.41% 1616.15% 2488.17%
Colorado 1872.60% 1478.24% 3103.66%
Tennessee 1979.39% 1319.97% 2763.90%
North Dakota 2135.14% 736.84% 3685.88%
Missouri 2086.19% 601.14% 2697.01%
Hawaii 1675.12% 1139.18% 2785.60%
Minnesota 1908.29% 634.42% 3073.55%
Ohio 1503.82% 743.57% 3005.48%
Arizona 882.43% 1563.41% 1653.64%
Nebraska 1549.30% 645.86% 2739.34%
Michigan 1633.36% 515.67% 4014.01%
Alaska 1196.29% 1040.37% 1339.68%
Maryland 1340.40% 815.90% 2355.88%
Massachusetts 1422.70% 647.19% 2217.66%
Oregon 1326.63% 595.89% 1155.29%
Iowa 1343.52% 528.59% 2249.60%
Utah 1075.94% 679.31% 2196.53%
Arkansas 1152.43% 550.04% 1780.88%
Rhode Island 1075.13% 566.23% 1928.42%
Illinois 1011.42% 589.74% 1663.86%
New York 1078.21% 388.14% 1986.11%
California 713.76% 793.36% 1542.79%
Pennsylvania 1010.96% 380.92% 2337.93%
Maine 938.61% 349.67% 2658.71%
Delaware 583.17% 786.17% 2382.62%
Wyoming 909.09% 335.95% 1392.16%
Wisconsin 920.45% 288.28% 1429.89%
Vermont 649.77% 631.03% 1508.66%
Idaho 954.59% 179.61% 2000.56%
Montana 673.25% 325.66% 1941.09%
Connecticut 481.13% 320.75% 1115.12%
New Jersey 415.44% 363.41% 1639.84%

*Refers to the increase in the number of unemployment insurance initial claims in the week of April 20, 2020 compared to the week of April 22, 2019.
**Refers to the increase in the number of unemployment insurance initial claims in the week of April 20, 2020 compared to the week of January 1, 2020.
***Refers to the increase in the number of unemployment insurance initial claims between the weeks of March 16, 2020 to April 20, 2020 compared to the weeks of March 18, 2019 to April 22, 2019.

Coronavirus Job Losses vs. Great Recession


Sources: Bureau of Labor Statistics, St. Louis Federal Reserve.

 

Red vs. Blue States

Posted in Economy, Economy and Employment, Health, WalletHub

April 16th, 2020 by newbernpostadmin

Adam McCann, Financial Writer  •  Apr 16, 2020  •  As the U.S. economy has slowed to a crawl due to COVID-19, countless businesses have shut their doors in accordance with the resulting social distancing policies. Consequently, many businesses have furloughed or laid off employees, and 22 million Americans have found themselves temporarily or permanently out of a job since the week of March 16.

While Americans have started to receive their government stimulus checks, those who are jobless will likely still struggle. However, not all states have experienced the same levels of unemployment due to the pandemic. To identify which states’ workforces have been hurt most by COVID-19, WalletHub compared the 50 states and the District of Columbia based on increases in unemployment claims. We used this data to rank the most impacted states in both the latest week for which we have data (April 6) and overall since the beginning of the coronavirus crisis (March 16). Read on for the results, additional commentary from a panel of experts and a full description of our methodology.

 

Source: WalletHub

Increase in North Carolina Unemployment Due to Coronavirus (1=Worst, 25=Avg.):

  • 4,419.46% Increase in Unemployment Claims (April 2020 vs April 2019)
    • 137,934 the week of April 6, 2020 vs 3,052 the week of April 8, 2019
    • 8th highest increase in the U.S.
  • 3,831.98% Increase in the Number of Unemployment Claims (April 2020 vs January 2020)
    • 137,934 the week of April 6, 2020 vs 3,508 the week of January 1, 2020
    • 3rd highest increase in the U.S.
  • 4,605.70% Increase in Unemployment Claims Since Pandemic Started
    • 541,584 between March 16, 2020 and April 6, 2020 vs 11,759 between March 18, 2019 and April 8, 2019
    • 7th highest increase in the U.S.

 

 

 

WalletHub Q&A

How do the job losses from coronavirus compare to those caused by the Great Recession?

“During the Great Recession, a grand total of 8.8 million Americans lost their jobs. The coronavirus pandemic has already claimed 22 million jobs,” said Jill Gonzalez, WalletHub analyst. “While there have been 22.7 million jobs created since the Great Recession, COVID-19 is unfortunately on track to wipe out all of the job gains by the end of this week, according to WalletHub projections.”

How do red states and blue states compare when it comes to increases in unemployment?

“With an average unemployment rank of 24, Red States suffered a higher increase of their unemployment during the coronavirus outbreak than Blue States, which rank 29 on average,” said Jill Gonzalez, WalletHub analyst. “The lower the rank, the higher the increase in initial unemployment claims that state received during the coronavirus pandemic.”

The state with the current largest number of COVID-19 cases in the U.S. is New York. How has New York’s unemployment rate been affected?

“New York has seen a 783% increase in initial unemployment claims from the beginning of 2020 to the 15th week,” said Jill Gonzalez, WalletHub analyst. “This is better than the average increase of 1,709%.”

What can states do in order to minimize the rise in their unemployment rates?

“States should aggressively focus on helping the companies in the most need. The federal response will include sending checks to most citizens, even those whose income has not been affected by the coronavirus. States can use a more targeted approach to divert resources to the companies affected the most, thus having maximum impact for the money spent,” said Jill Gonzalez, WalletHub analyst.

 

Source: WalletHub 

States with the Biggest Increases in Unemployment Due to Coronavirus

State Most Affected Last Week  Most Affected Since Start of COVID-19 Crisis
Colorado 1 20
Louisiana 2 2
North Carolina 3 7
New Hampshire 4 1
Mississippi 5 18
South Dakota 6 10
Virginia 7 4
Indiana 8 6
Kentucky 9 8
Georgia 10 5
Florida 11 29
Tennessee 12 28
Nevada 13 13
Alabama 14 24
Michigan 15 3
Arizona 16 41
New Mexico 17 31
South Carolina 18 14
Hawaii 19 23
North Dakota 20 9
District of Columbia 21 16
Texas 22 42
Missouri 23 30
Ohio 24 12
Oklahoma 25 35
Nebraska 26 22
Delaware 27 19
Minnesota 28 15
Rhode Island 29 11
Kansas 30 25
New York 31 37
Maryland 32 27
Washington 33 33
Arkansas 34 44
California 35 45
Utah 36 34
Iowa 37 32
Massachusetts 38 17
Illinois 39 43
Vermont 40 40
Pennsylvania 41 26
Alaska 42 49
New Jersey 43 39
Maine 44 21
Montana 45 36
West Virginia 46 47
Idaho 47 38
Oregon 48 51
Wisconsin 49 46
Wyoming 50 48
Connecticut 51 50

Rank 1 = Most Affected.

Detailed Findings

State Increase in Unemployment Claims (2020 vs 2019)* Increase in Unemployment Claims (April vs January 2020)** Increase in Unemployment Claims (April vs Start of COVID-19 Crisis)***
Colorado 5058.22% 4222.21% 3341.62%
Louisiana 4141.92% 4727.80% 5133.33%
North Carolina 4419.46% 3831.98% 4605.70%
New Hampshire 4876.30% 3368.99% 6429.42%
Mississippi 4123.24% 3818.51% 3384.17%
South Dakota 7495.06% 1445.73% 4200.74%
Virginia 4554.30% 3247.65% 4706.10%
Indiana 4886.67% 2565.40% 4670.06%
Kentucky 5391.60% 2136.97% 4391.14%
Georgia 5950.42% 1761.23% 4679.15%
Florida 2757.26% 3825.79% 2794.29%
Tennessee 3355.27% 2324.51% 2801.61%
Nevada 2640.44% 2558.13% 3645.04%
Alabama 3725.24% 1805.82% 2973.66%
Michigan 3831.17% 1560.63% 4753.10%
Arizona 1572.09% 3022.09% 1934.07%
New Mexico 2291.90% 2339.80% 2728.03%
South Carolina 4202.55% 1073.68% 3545.27%
Hawaii 2975.62% 1800.99% 3078.33%
North Dakota 3715.44% 1141.39% 4209.89%
District of Columbia 2263.72% 1959.04% 3419.32%
Texas 1872.65% 2112.07% 1901.15%
Missouri 3291.82% 1181.58% 2784.75%
Ohio 2903.21% 1361.27% 3645.86%
Oklahoma 2585.14% 1564.19% 2514.47%
Nebraska 2795.94% 1391.45% 3291.60%
Delaware 2653.53% 1416.80% 3377.03%
Minnesota 3096.65% 1129.04% 3447.46%
Rhode Island 2936.62% 1056.44% 4025.80%
Kansas 2270.49% 1423.97% 2916.69%
New York 3163.94% 782.91% 2353.89%
Maryland 2087.88% 1427.45% 2822.13%
Washington 2069.13% 1401.56% 2631.47%
Arkansas 2286.97% 1244.53% 1862.06%
California 1576.34% 1700.02% 1833.86%
Utah 1672.07% 1492.29% 2560.30%
Iowa 2424.84% 910.82% 2670.12%
Massachusetts 2207.73% 988.76% 3413.59%
Illinois 1725.17% 1097.46% 1879.42%
Vermont 1257.88% 1293.82% 2099.81%
Pennsylvania 1973.57% 773.17% 2882.22%
Alaska 1185.48% 1199.90% 1352.57%
New Jersey 1740.07% 817.46% 2279.09%
Maine 1766.81% 698.14% 3327.58%
Montana 1548.71% 764.12% 2372.42%
West Virginia 1423.49% 833.18% 1559.64%
Idaho 1779.43% 502.54% 2289.62%
Oregon 1070.27% 658.56% 1135.74%
Wisconsin 1391.97% 443.68% 1591.15%
Wyoming 721.44% 640.79% 1444.62%
Connecticut 883.27% 332.53% 1218.54%

*Refers to the increase in the number of unemployment insurance initial claims in the week of April 6, 2020 compared to the week of April 8, 2019.
**Refers to the increase in the number of unemployment insurance initial claims in the week of April 6, 2020 compared to the week of January 1, 2020.
***Refers to the increase in the number of unemployment insurance initial claims between the weeks of March 16, 2020 to April 6, 2020 compared to the weeks of March 18, 2019 to April 8, 2019.

 

Coronavirus Job Losses vs. Great Recession


Sources: Bureau of Labor Statistics, St. Louis Federal Reserve.

Red vs. Blue States

Posted in Economy, Economy and Employment, Health

April 13th, 2020 by newbernpostadmin

With 35 percent of small business owners saying their business cannot survive more than three months in current conditions, WalletHub released its report on the States with the Most Affected Small Businesses due to Coronavirus, along with accompanying videos.

To identify the states in which businesses are hit hardest by COVID-19, WalletHub compared the 50 states and the District of Columbia across 12 key metrics. Our data set ranges from the share of small businesses operating in highly affected industries to small-business credit conditions and the state’s small-business friendliness. Below, you can see highlights from WalletHub’s report and a Q&A with WalletHub analysts.

COVID-19 Impact on Small Business in North Carolina (1=Most Affected, 25=Avg.):

  • 21st – Share of Small Businesses Operating in High-Risk Industries
  • 24th – Share of Small-Business Employees Operating in High-Risk Industries Among Total Small-Business Employees
  • 14th – Share of Consumer Expenditures Related to High-Risk Industries
  • 26th – Share of Businesses with E-commerce Sales Activity
  • 28th – Business Vitality
  • 25th – Small-Business Credit Conditions
  • 4th – Total Amount of Small-Business Loans per Small-Business Employee

Source: WalletHub

 

States with the Most Affected Small Businesses due to COVID-19

Overall Rank State Total Score ‘Impact & Access to Resources’ Rank ‘Small-Business Financial Conditions’ Rank ‘Business Environment & Workforce Support Conditions’ Rank
1 Hawaii 69.87 2 22 2
2 Nevada 64.86 3 10 9
3 South Dakota 62.93 5 21 14
4 Mississippi 60.72 10 9 10
5 South Carolina 59.63 7 5 30
6 Louisiana 57.68 34 1 3
7 Arizona 56.96 13 28 7
8 Nebraska 56.77 15 25 8
9 North Carolina 56.67 21 13 11
10 North Dakota 56.52 18 23 12
11 West Virginia 56.15 6 11 38
12 Georgia 55.66 28 8 6
13 Kentucky 55.28 16 26 18
14 Tennessee 54.86 25 4 20
15 Montana 54.27 1 42 49
16 Florida 54.17 22 2 27
17 Idaho 53.62 8 14 47
18 Wyoming 53.45 4 27 50
19 Maine 53.20 19 18 25
20 New Mexico 51.66 9 49 21
21 New Hampshire 51.39 12 51 1
22 Arkansas 49.54 27 6 33
23 Kansas 49.49 36 29 15
24 Washington 48.80 20 24 37
25 Vermont 48.52 17 48 22
26 Virginia 48.45 35 39 5
27 Alabama 48.08 24 35 32
28 Michigan 47.93 44 37 4
29 Delaware 47.89 31 30 26
30 New York 47.46 29 20 34
31 Iowa 47.26 33 31 24
32 Alaska 46.83 23 3 51
33 Indiana 46.50 41 33 16
34 Oklahoma 46.46 26 17 44
35 Utah 46.41 14 44 35
36 California 45.95 43 32 19
37 Rhode Island 45.76 32 43 23
38 Colorado 45.21 11 45 43
39 Texas 44.24 37 12 42
40 Maryland 43.27 38 46 17
41 Missouri 42.33 40 15 39
42 Oregon 42.32 30 38 46
43 New Jersey 41.93 50 7 29
44 Minnesota 41.23 39 40 28
45 Illinois 39.54 46 16 40
46 Connecticut 36.62 47 36 41
47 Wisconsin 36.25 42 41 45
48 Ohio 36.13 48 47 31
49 Pennsylvania 34.63 49 34 48
50 Massachusetts 31.88 45 50 36
51 District of Columbia 29.57 51 19 13

 

 

To view the full report and your state’s rank, go here.

Posted in Business, Economy, Economy and Employment, Health

April 10th, 2020 by newbernpostadmin

N.C. Gov. Roy Cooper took action to the address the spread of COVID-19 by issuing stronger social distancing requirements and speeding up the process to get benefits to people out of work through Executive Order No. 131.

Three key areas are addressed in Executive Order 131.

The first requires retail stores that are still operating to implement new social distancing policies to make shopping safer for customers and employees. 

The second makes earlier COVID-19 guidelines mandatory for nursing facilities, and recommends other long-term care facilities to do the same. 

The third area is unemployment benefits, issuing changes that will speed up certain benefit payments to those who are out of work.

POLICIES FOR SOCIAL DISTANCING IN RETAIL STORES

This Order offers clear requirements that essential businesses must implement in order to safeguard the health of customers and employees. Some of the directives include:

• Setting limits of how many people can be in a store at one time, 5 people per 1,000 square feet of retail space or 20% of fire marshal posted occupancy limits

• Marking 6 feet of distance for areas where people gather like checkout lines

• Requiring specific cleaning measures for retail stores

The Order encourages:

• Implementing hygiene recommendations for employees and customers, like hand sanitizer at the doors and face coverings for workers

• Establishing designated shopping times designated for high-risk groups

• Creating barriers between customers and employees at checkout to lower the risk of required interactions

Creating barriers between customers and employees at checkout to lower the risk of required interactions 

The Order states these requirements will last for 30 days unless extended by further executive action.

LOWERING RISK IN LONG TERM CARE FACILITIES

The Order sets public health and safety requirements for nursing homes during the public health emergency. The Order encourages other long-term care facilities to follow the same guidance. Some of the directives include:

• Canceling communal activities, including group meals

• Taking the temperature of employees and essential personnel when they enter the facility

• Requiring specific personal protective equipment in the facility

• Requiring close monitoring of residents for COVID-19 health indicators like body temperature

The Order states these requirements will last until this order is repealed.

STREAMLINING UNEMPLOYMENT INSURANCE CLAIMS

The Order makes it easier for employers to file a batch of claims, called an attached claim, on behalf of their employees. By temporarily eliminating some of the hurdles for employers, benefits can get in the hands of those who need them faster. 

The Order will extend 60 days beyond the date the state of emergency is lifted to allow employers to get back on their feet.

Additionally, the Department of Employment Services issued information on timing of federal benefits reaching North Carolinians today. 

Posted in Business, Economy, Economy and Employment, Health, New Bern

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