NH only New England state where jobless claims are among lowest in U.S.

New unemployment claims increased by 3.6% week-over-week on May 27, yet were 12.3% lower compared to the same week last year. To help add some context to this statistic, WalletHub just released updated rankings for the States Where Unemployment Claims are Increasing the Most.

Key Stats:

• The following states had unemployment claims last week that were higher than in the previous week: Arkansas, Wisconsin, Nevada, Illinois, Alabama, West Virginia, Alaska, Oregon, California, Montana, Florida, Delaware, Kentucky, Idaho, Pennsylvania, Iowa, New Mexico, Kansas, Ohio, Minnesota and North Dakota.
• While there was an increase in weekly claims nationally, 29 states (including Ohio, New Hampshire, and Georgia) had unemployment claims last week that were better than the same week last year.

To view the full report and your state's rank, please visit:
https://wallethub.com/edu/states-unemployment-claims/72730

Expert Commentary

Do you think the hiring dynamic is currently tilted in the employees' favor?

"That very much depends on which employees we are talking about. There are always some jobs in higher demand than others, and we know there is a shortage of employees that is only increasing due to lower birth rates, Baby Boomer retirements, shifting expectations of Gen Z and A, and the intense if not misguided focus on immigration. That said, the anecdotal evidence from the early-in-career labor pool provides stories of recruiters ghosting applicants, 'entry-level' jobs requiring years of experience, and job offers well below expectations. Those currently employed in hot jobs will always have the advantage, but for many, if not most, the ability to advance by hopping jobs or crossing into a new discipline is, and I expect will remain a challenge."
Christopher Altizer - Adjunct Lecturer, Florida International University

"The job market is less employee-friendly than during the most acute labor shortage and 'Great Resignation' period of just two years ago, but the jobless rate remains low, and hiring in many fields holds steady. That said, older workers and laid-off workers continue to report facing hedgerows in their job searches."
David C. Yamada - Professor of Law; Director, New Workplace Institute, Suffolk University Law School


With inflation still higher than average, what is your advice for people looking to protect their finances?

"Treasury bills are a good bet at this time in terms of protecting finances, but a balanced portfolio remains key."
Christine Neylon O'Brien - Professor, Boston College

"For many of us, it means applying retail-level common sense: Spend wisely, look for deals and sales, think twice on big discretionary purchases, control/cut credit card debt, and avoid risky/panicky decisions with existing savings and investment plans. Also, and this is just my subjective advice, if you are going to spend on something nice, go for experiences and not more stuff."
David C. Yamada - Professor of Law; Director, New Workplace Institute, Suffolk University Law School


What are your predictions for the job market as we move forward during 2024 (job gains, hiring confidence, quit rates, etc.)?

"The realities of fewer workers will be intensely felt in many sectors, particularly skilled labor, as retirements continue and supply drops. I believe, however, that the single greatest disruptor will be the uptake and impact of artificial intelligence. Given the faster-than-any-event-ever progression of AI and the intent of tech companies to make it indispensable and accessible to all, it will begin to replace entire job categories sooner than anyone imagines. I expect this will blunt the impact of talent shortages for many jobs but will exacerbate the social and economic impact. My advice to anyone who asks lately has been to learn how to use AI for work, even if you are experimenting outside of the day job. Using ChatGPT to write a graduate school paper, by the way, is not sufficient. I believe keeping up with AI practices will be a huge advantage to job seekers in almost every field. The job opportunities that will be present - and are already being posted, as anyone can see - will increasingly highlight familiarity/skill with AI as a competitive advantage. In due course, and faster than anyone thinks, it will go from competitive advantage to base requirement."
Christopher Altizer - Adjunct Lecturer, Florida International University

"I do not think there will be considerable job gains or quit rates. Hiring confidence should be static or slightly down."
Christine Neylon O'Brien - Professor, Boston College