Monday, April 24, Mississippi Gov. Tate Reeves is to be in New Albany and be joined by U.S. Sen. Roger Wicker and Navistar Defense Chief Executive Officer Ted Wright. They will be on hand to announce that Navistar Defense has fulfilled its commitment to create 500 jobs in the state.
Benefiting from a grant from the Mississippi Development Authority, Navistar Defense has recently made significant investments, along with its partner Stoughton Trailers, in the Navistar Defense Assembly Plant located in West Point and has grown the workforce by more than 500 in the last twelve months.
But Reeves will also highlight that Mississippi’s unemployment rate of 3.5 percent in April is an all-time low for the Magnolia State.
It comes on the heels of a new report from the personal finance website, WalletHub.com, which reported on changes in unemployment rates by state.
The report says Mississippi’s jobless rate is 14th lowest among the United States and District of Columbia, and the lowest among the Mid-South states of Mississippi, Arkansas, and Tennessee. WalletHub used March figures as they were the latest available at the time. The 50 states and the District of Columbia were compared on six key metrics that compare unemployment rate statistics from the latest month for which data is available (March 2023) to key dates in 2023, 2022, 2020 and 2019.
What are unemployment predictions for 2023?
“The U.S. economy is expected to grow very little in 2023. This would lead to a jump in unemployment to as high as 4.6 percent, according to the Federal Reserve. Both of these things would be signs of the Fed continuing to try and get a handle on inflation,” said Jill Gonzalez, WalletHub Analyst. “If this ‘worst-case scenario’ comes true, it could mean that millions of people who now have jobs could wind up unemployed.”
What qualities should unemployed people look for when choosing which businesses to apply to?
“The biggest thing that unemployed people should look for when choosing which businesses to apply to is compensation that’s appropriate for their field and skill level. Since there is currently an employment shortage, workers are in a great position to negotiate a worthwhile compensation package,” said Gonzalez, WalletHub Analyst. “Other desirable features are the ability to work from home at least part of the time, measures to prevent the spread of COVID-19, a positive and friendly workplace environment, and a short commute.”
Is there a big difference in the unemployment rate among various demographics?
“The unemployment rate does differ sharply among different demographics. The unemployment rate for white people is 3.4 percent, while it’s much higher, at 5.1 percent, for black people. The racial disparity is troubling, especially in the context of broader discussions of inequality that have taken place in the past year,” said Gonzalez. “The unemployment rate can fluctuate a lot by age, too; it’s only 2.4 percent for those ages 45 to 54, but 6.5 percent for people ages 20 to 24. It makes sense that people who have been in the workforce longer would have more job stability, but we should be concerned about the difficult conditions faced by young people.”
Which state has experienced the biggest increase in unemployment vs. the previous month?
“The District of Columbia has experienced the biggest increase in unemployment because the number of unemployed persons jumped by 4 percent from February 2023 to March 2023, compared to the average decrease of 2.8 percent,” said Gonzalez. “The District of Columbia’s overall unemployment rate is 4.8 percent, compared to the average of 3.5 percent.”
Which state has experienced the biggest decrease in unemployment vs. the previous month?
“New Hampshire has experienced the biggest decrease in unemployment because it has seen a 9 percent decrease in the number of unemployed persons from February 2023 to March 2023, compared to the average decrease of 2.8 percent,” said Gonzalez. “New Hampshire’s overall unemployment rate is 2.4 percent, compared to the average of 3.5 percent.”