The unemployment rate is a big indicator of how the economy is faring. With lower unemployment rates, people feel more confident and are earning more money, and therefore spending more money. This sparks the economy even further forward.

When unemployment increases, consumers take it as a sign to hunker down and hold on tight for bad times to come. Layoffs are a way for companies to tighten their belts, and can happen during mergers, or when a company relocates. After all is said and done, no matter what causes unemployment to rise, it isn’t a good thing.

Idaho Is Not One of the Best or Worst States for Unemployment Increases

Source: WalletHub

When comparing last week to this, it would appear that Idaho is not doing the best. It’s not doing the worst either. 30th overall with #1 being the state with the biggest increase in unemployment isn’t such a bad place to be. Sure, we’re no South Dakota, but at least we aren’t New York either.

If looking at the big picture compared to last year, Idaho’s unemployment is up over 19% from the same time last year. Iowa has the dubious honor of having the biggest increase of unemployment from this time last year, and Utah wins out with the least.

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Right now, over 6 million Americans are unemployed. There have been mass layoffs from Google, Salesforce, Hasbro, and Spotify to name a few. More layoffs are scheduled from large companies this year. Between announced layoffs and return-to-office protests, there may be far fewer job openings in many states this year.

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