(The Center Square) – With the Mississippi economy thriving, unemployment claims are not, a new WalletHub report indicates.
WalletHub, in its new report “States Where Unemployment Claims Are Decreasing the Most,” the Magnolia State ranked fifth in the nation last week for a 20.14% decrease in the number of new unemployment claims filed over the previous week.
Currently, the report shows Mississippi has 12 unemployment claims for every 100,000 people in the workforce. The decrease in the number of claims follows a recovery trend since the COVID-19 pandemic as there was a 25.38% drop in claims when compared to the same week during the pandemic.
However, the state showed a 54.33% drop in unemployment claims from the same week in 2021. The decrease followed Vermont, which had the largest decrease, New Hampshire, Michigan and Connecticut.
Dr. Sean Walker, professor of behavioral management at the College of Business and Global Affairs at the University of Tennessee, said he feels the numbers are not a reflection of the job market.
“Unemployment is difficult to understand figure because it omits so many unemployed individuals or those that are underemployed or are no longer looking,” Walker said of the report. “Personally, I believe the number that is reported is likely to stay in the single digits but since this is not an accurate reflection of the job market, I do not put a lot of confidence in this number.”
Walker also said he thinks the trend of resignations will continue.
“I believe we are going to continue to see resignations/quit rates at a high level,” he said in the release. “Families are asking whether we truly need two incomes or if we can handle just one income. Also, with the continuation of the pandemic, families are being forced to have at least one person able to stay home to care for sick loved ones.
“One important note that will impact this is the ability of employees to telecommute or use flex time to accommodate these types of situations. Allowing employees to work from home (at least part-time) or come in during “off hours” could help employees manage the work-life balance and help organizations retain top talent.”