15 States with the Worst Job Markets

In This Article:

In this article, we will be taking a look at the 15 states with the worst job markets. To skip our detailed analysis, you can go directly to see the 5 states with the worst job markets.

The United States of America actually closed the year 2022 by adding 223,000 jobs in December 2022 as reported by the Bureau of Labor Statistics. This meant a great deal for the economy of the country, helping it remain healthy despite the oncoming fears of recession. To find out the best state for economy, there are three values that are taken in consideration: the employment rate, job growth, and the labor force participation rate. Employment is considered as 1/3rd of the value for a good economic state. However, the question still is, is the job market good currently? The answer depends on where you live. Some states in the country have a great job market, with jobs continuously being added in sectors where there is a demand, providing great opportunities to the people dwelling in those states. On the other hand, other states in the United States of America are currently going through a rough time where finding a job is getting harder by the day. In those states, the starting salaries offered are quite low, and there is a poor possibility to find better opportunities as well. So even if you have the best skills and a great past working experience, you are still likely to end up unemployed in these states as they do not have enough options available to hire and fulfill that demand. The job market is also very specific to the professions and industries. While one sector maybe thriving, the rest might be suffering simultaneously.

It has been a tough year for the USA, considering that inflation rates reached highs not seen in decades and the Federal Reserve also hiked interest rates to help calm the labor market. However, 2022 proved to be one of the lowest unemployment rates for the USA, though having a low unemployment rate is necessarily not a good thing. Unemployed includes everyone who does not have a job currently but are actively searching for one, and hence low unemployment rates make for a healthier economy. On the other hand, one reason for this could be a decline in the participation rate of labor in America. The labor participation rate is calculated as the percentage of civilians who are actively either working or in search of a job, and only those who are 16 or above are considered to be part of the labor pool. This is why it is also not considered the best of news, as companies then have to fight to find the best labor if the labor pool is very restricted, and this leads to higher costs faced by companies. It is a bittersweet symphony for the country, which is trying to stay afloat despite economic trends showing an upcoming state of recession globally.