Unemployment numbers ‘will take some time’ to get back to pre-coronavirus levels: Jerome Powell
Federal Reserve Chair Jerome Powell says it’s unknown what unemployment numbers will get to as the economy begins to recover from coronavirus.
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Millions of jobs across the country have been lost because of the coronavirus pandemic — and the numbers keep increasing — but some places are hit harder than others, according to one report.
Last week, the Labor Department reported that in the week ending on April 18, total job losses have reached 26 million. That week alone, 4.4 million Americans filed for unemployment.
On Wednesday, WalletHub published a report that found which U.S. cities have seen the biggest increase in unemployment because of the coronavirus.
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For its results, the personal finance website analyzed the 150 most populated U.S. cities as well as at least one of the most populated cities in each state.
WalletHub used data from the U.S. Bureau of Labor Statistics and compared each of those cities based on two measurements: their growth in unemployment, comparing March 2020 to March 2019, and their growth in unemployment, comparing March 2020 to January 2020.
In its published report, the website showed only the 130 most-affected cities.
In some cities, the unemployment rate has increased more than 100 percent from January of this year to March.
Hialeah, Fla., saw a 145.91 percent increase in unemployment from January to March of this year, while Miami saw a 137.25 percent increase and Seattle saw a 105.92 percent increase.
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The cities that had the highest increase in unemployment in March 2020 compared to March 2019 were Seattle, which saw an 86.92 percent increase, North Las Vegas, which saw a 67.92 percent increase, and Henderson, Nevada, which saw a 65.35 percent increase.
To see the overall ranking and results, here are the 10 cities with the overall biggest growth in unemployment because of the coronavirus, according to WalletHub.
10. Colorado Springs, Colo.
Change in Unemployment: March 2020 vs. March 2019 – 52.21 percent
Change in Unemployment: March 2020 vs. January 2020 – 67.35 percent