Home New mexico economy The best (and worst) states to find a job in 2022 – 24/7 Wall St.

The best (and worst) states to find a job in 2022 – 24/7 Wall St.

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Special report

United States unemployment the rate fell to 3.5% in September, a pre-pandemic level initially reached in July before climbing to 3.7% in August. Compared to September 2021, the unemployment rate is 1.2 percentage points lower, with some states faring better than others, based on the recently released Bureau of Labor Statistics unemployment report.

September’s unemployment rate was lower in 11 states, higher in nine and remained stable in 30 states from the previous month. Twenty-five states now have unemployment rates below the national rate, led by Minnesota at 2%.

With inflation at its highest level in 40 years, the economy is increasingly becoming a major issue in the upcoming midterm elections, despite a seemingly strong job market. Out of 10 States Playing a Significant Role in the Midterms, five have unemployment rates above the national average: Arizona at 3.7%, Nevada at 4.4%, North Carolina at 3.6%, Pennsylvania at 4.1% and Ohio at 4%. (Here are the States where jobs are disappearing right now.)

While the labor market, including the unemployment rate, is an important aspect for those looking for a job, other factors play a role. To determine the best states to find a job, 24/7 Wall St. reviewed the marketing agency Tops report Best States to Find a Job 2022. Using 51 measures, TOP compared the 50 states on five dimensions: state economy, compensation and benefits, labor market, quality of life, and business friendliness.

Indeed, the top five states also rank in the top 10 in the labor market dimension of TOP. Ranked #1, Utah also ranks in the top 10 for business friendliness and state economy. The #2 ranked state, Massachusetts, has the highest pay of any state and ranks #2 in business friendliness.

We’ve supplemented TOP’s rankings with other metrics, including median household income, September 2022 unemployment rate, and year-over-year change in unemployment rate, venture capital per capita, and startup density. .

It is interesting to note that the relationship between the amount of venture capital (money that is invested in the creation of new businesses) and the unemployment rate are not always correlated.

For example, California has the second highest amount of venture capital per capita at $3,957, while Florida’s venture capital is the 22nd highest at just $252 per person. Yet California’s unemployment rate is much higher than Florida’s, at 3.9% versus 2.5%.

Nevertheless, venture capital plays an important role in the creation of new businesses and jobs. States with the highest amount of venture capital funding tend to have higher start-up densities. Mississippi and West Virginia rank near the bottom of the startup list and also have some of the lowest VCs per capita in the country. (These are cities that will create the most jobs by 2060 according to economists.)

Here are the best states to find a job.

Click here to read our detailed methodology.

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