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Comparison Between Economically Struggling Countries and Economically Successful Countries | Complete Info!

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The speed with which the coronavirus epidemic swept away the United States’ economy in early 2020 was incredible. The unemployment rate in the United States jumped to a new high of 14.7 percent in April 2020, almost overnight. Since the Bureau of Labor Statistics began collecting data in January 1948, both the overall rate of 14.7 percent and the 10.3 percent increase from the previous month were the greatest on record.

Since then, the economy has steadily improved, both in terms of unemployment and GDP growth year over year. The recovery has been unequal so far because the United States is such a vast country with such a diverse set of states and businesses. Some states have practically returned to normal, while others have lagged behind.

GOBankingRates examined a range of economic metrics, including year-over-year GDP and unemployment rates, as well as pay changes and the proportion of a state’s population living in poverty, to determine which economies are prospering and which are failing. States were rated in reverse order after being divided into the top 15 and bottom 15. As a result, the state with the poorest present economic situation is ranked first at the conclusion of the “failed economies” segment, while the only state in the country so far to demonstrate a year-over-year percentage rise in employment is ranked first in the “thriving economies” section.

Continue reading to see which stages are at the bottom and top of the recovery divide.

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Economies in Dysfunction in States

The gradual rebound in the American economy has not yet dragged these states down to the level that it has some others. Despite better nationwide unemployment rates, people of these states continue to have difficulty obtaining work and contributing to the state’s GDP.

15. Unemployment rate in Arkansas

  • February 2021: 4.5 percent
  • The unemployment rate in February 2021, compared to the previous year: minus 2.8%
  • GDP per capita in Q4 2020: $44,328 GDP increase from Q3 2020 to Q4 2020: 5.1%
  • Wages: $892 per week in September 2020
  • Changes in average weekly salaries as a percentage of the national average 6.1 percent for the period September 2019-September 2020
  • Poverty rate as a percentage of the population was 16.2% in 2019.

 

14 . Rhode Island

  • Unemployment rate in February 2021: 7.3 %
  • Unemployment rate in February 2021, compared to the previous year: -0.87%
  • 2020, fourth quarter $58,245 in gross domestic product per capita
  • 2.6 percent GDP growth from Q3 to Q4 2020
  • Average weekly wages in September 2020: $1,092 % change in average weekly wages in September 2020: $1,092 % increase in average
  • weekly wages in September 2020: $1,092 % Between September 2019 and September 2020, 10.4% of the population is poor. 10 percent in 2019

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13. Oregon

  • Unemployment rate in February 2021: 6.1 %
  • Unemployment rate in February 2021, compared to the previous year: -0.78%
  • 2020, fourth quarter Gross domestic product (GDP) per capita: $62,109 2.7 percent in Q3-Q4 2020
  • Weekly earnings on average Change in average weekly salary from September 2020: $1,113 7.4 percent of the population is poor from September 2019 to September 2020. 11.4 % in 2019

12.Unemployment rate in Illinois

  • February 2021: 7.4%
  • Unemployment rate in February 2021, compared to the previous year: minus 7.5%
  • 2020, fourth quarter $69,422 in gross domestic product per capita
  • 3.5 percent GDP increase from Q3 to Q4 2020
  • In September 2020, the average weekly pay will be $1,199, according to the Bureau of Labor Statistics.
  • Changes in average weekly salaries as a percentage of the national average 6.8% in September 2019-September 2020
    Poverty rate as a percentage of the population 11.5 % in 2019

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11. Pennsylvania

  • Unemployment rate in February 2021: 7.3 %
  • Unemployment rate in February 2021, compared to the previous year: minus 7.2%
  • GDP per capita in 2020 is expected to be $62,497 in the fourth quarter.
  • 3.7 percent GDP increase from Q3 to Q4 2020
  • Weekly earnings on average Change in average weekly salary from September 2020: $1,139 7% from September 2019 to September 2020
  • Poverty rate as a percentage of the population 12 percent in 2019

10. Michigan is the tenth state

  • Unemployment rate in February 2021: 5.2%
  • Unemployment rate in February 2021, compared to the previous year: minus 7.5%
  • 2020, fourth quarter GDP per capita: $53,008 GDP growth rate: 1.7 percent from Q3 to Q4 2020
  • Weekly earnings on average Change in average weekly salary from September 2020: $1,096 7.5 percent of the population is poor from
  • September 2019 to September 2020. 13 percent in 2019

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9. Unemployment rate in Wyoming

  • February 2021 is 5.3 percent.
  • Unemployment rate in February 2021, compared to the previous year: minus 5.2%
  • GDP per capita in 2020 is expected to be $63,772 in the fourth quarter.
  • 3.8 percent GDP growth from Q3 to Q4 2020
  • Weekly earnings on average Change in average weekly salaries of $939% in September 2020 2019-2020 academic year: September 2019–September 2020 academic year: September 2019–September 2020 academic year: September 2019– minus 0.4%
  • Poverty rate as a percentage of the population 10 percent in 2019

8.Kentucky is the eighth state

  • Unemployment rate in February 2021: 5.2%
  • Unemployment rate in February 2021, compared to the previous year: minus 5.1%
  • GDP per capita in Q4 2020 is $48,655, up 4.3 percent from Q3 2020 to Q4 2020.
  • Weekly earnings on average Change in average weekly salaries of $935% in September 2020 5.8% in September 2019-September 2020
  • Poverty rate as a percentage of the population 16.3% in the coming year

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7. Nevada is ranked number seven

  • Unemployment rate in February 2021 is 8.3%.
  • Unemployment rate in February 2021, compared to the previous year: -0.16%
  • GDP per capita in 2020: $60,028 in the fourth quarter.
  • 4.2 percent GDP increase from Q3 to Q4 2020
  • Average weekly earnings in September 2020: $1,048 Percentage change in average weekly salaries in September 2020: $1,048 7.8% in September 2019-September 2020
  • Poverty rate as a percentage of the population 12 percent in 2019

6. Oklahoma is ranked number six

  • Unemployment rate in February 2021: 4.4%
  • Unemployment rate in February 2021, compared to the previous year: minus 5.4%
  • 2020, fourth quarter $48,508 gross domestic product (GDP) per capita
  • 3.5 percent GDP increase from Q3 to Q4 2020
  • Weekly salaries averaged $917 in September 2020.
  • Changes in average weekly salaries as a percentage of the national average 2.3 percent of the population is poor from September 2019 to September 2020. 15.2% in 2019.

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5. Unemployment in Hawaii

  • February 2021 is 9.2%.
  • Unemployment rate in February 2021, compared to the previous year: -1.78%
  • 2020, fourth quarter $63,826 in gross domestic product per capita
  • GDP growth is expected to be 2.1 percent in the third quarter of 2020 and in the fourth quarter of 2020.
  • Average weekly salaries in September 2020: $1,114 Percentage change in average weekly wages from September 2019 to September 2020 Between September 2019 and September 2020, 10.3% of the population is poor. 9.3% in 2019.

4. Mississippi is the fourth state

  • Unemployment rate in February 2021: 6.3%
  • Unemployment rate in February 2021, compared to the previous year: minus 4%
  • 2020, fourth quarter GDP per capita: $39,580 GDP growth rate: 5.6 percent from Q3 to Q4 2020
  • Weekly earnings on average Change in average weekly salary from September 2020: $810 5.6 percent of the population is poor from
  • September 2019 to September 2020. 19.6% in 2019.

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3. West Virginia is the third state

  • Unemployment rate in February 2021: 6.2%
  • Unemployment rate in February 2021, compared to the previous year: minus 5.5%
  • GDP per capita in Q4 2020: $41,798 GDP growth in Q3 2020: 3.4 percent GDP growth in Q4 2020: 3.4 percent
  • Average weekly salaries in September 2020: $913 Percentage change in average weekly wages from September 2019 to September 2020 1.8 percent during the period September 2019 to September 2020
  • Poverty rate as a percentage of the population 16 percent in 2019

2.Louisiana is the number two state

  • Unemployment rate in February 2021 is 7.6%.
  • Unemployment rate in February 2021, compared to the previous year: -0.78%
  • 2020, fourth quarter GDP per capita: $53,229; 3.0% GDP increase from Q3 to Q4 2020
  • Average weekly salaries as of September 2020: $970 Change in average weekly wages as of September 2020: 970 5.2 percent of the population is poor from September 2019 to September 2020. 19.0% in 2019.

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1. New Mexico

  • Unemployment rate in February 2021 is 8.3%.
  • Unemployment rate in February 2021, compared to the previous year: -0.89%
  • GDP per capita for the fourth quarter of 2020 is $49,050.
  • 2.5 percent GDP growth from Q3 to Q4 2020.
  • Weekly earnings on average Change in average weekly wages of $944% in September 2020 5.1 percent of the population is poor from September 2019 to September 2020. 18% in 2019.

Economies in the Succeeding States

Consider yourself lucky if you live in one of these states. In some places, both unemployment and GDP are improving. Here are 15 states that are assisting in the recovery of the United States as a whole.

15. Kansas

  • Unemployment rate in February 2021: 3.2%
  • Unemployment rate in February 2021, compared to the previous year: minus 4.9%
  • 2020, fourth quarter Gross domestic product (GDP) per capita: $61,274 4.0 percent in Q3-Q4 2020
  • Weekly earnings on average Change in average weekly wages of $952 in September 2020 6.6 percent of the population is poor from September 2019 to September 2020. 11.4 % in 2019

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14. Connecticut

  • Unemployment rate in February 2021: 8.5%
  • Unemployment rate in February 2021, compared to the previous year: minus 7.2%
  • 2020, fourth quarter GDP per capita: $80,816 GDP growth rate: 7.0 percent from Q3 to Q4 2020
    $1,328 per week in September 2020.
  • Changes in average weekly salaries as a percentage of the national average 7.4 percent of the population is poor from September 2019 to September 2020. 10 percent in 2019

13. Delaware

  • Unemployment rate in February 2021: 6.3%
  • Unemployment rate in February 2021, compared to the previous year: minus 5.2%
  • GDP per capita in Q4 2020 is $81,158, up 5.8% from Q3 to Q4 2020.
  • $1,150 per week in September 2020, according to the average weekly wage.
  • Changes in average weekly salaries as a percentage of the national average 6.8% in September 2019-September 2020
    Poverty rate as a percentage of the population 11.3 % in 2019

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12. Virginia, number twelve

  • Unemployment rate in February 2021: 5.2%
  • Unemployment rate in February 2021, compared to the previous year: minus 4.8%
  • GDP per capita in Q4 2020 is $66,997, up 4.7 percent from Q3 to Q4 2020.
  • Change in average weekly wages from September 2020 to September 2020: $1,201 6.4 percent for the period September 2019-September 2020
  • Poverty rate as a percentage of the population 9.9% for the year 2019.

11. Unemployment rate in Iowa

  • February 2021 is 3.6 percent.
  • Unemployment rate in February 2021, compared to the previous year: minus 5.1%
  • GDP per capita in 2020 is expected to be $63,688 in the fourth quarter.
  • 6.3 percent GDP growth from Q3 to Q4 2020
  • Weekly earnings on average Change in average weekly wages of $969% in September 2020 6.0 percent for the period September 2019-September 2020
  • Poverty rate as a percentage of the population 12% in 2019

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10. Maryland is number 10 on the list

  • Unemployment rate in February 2021: 6.2%
  • Unemployment rate -6.0 percent year-over-year in February 2021
  • GDP per capita in 2020 will be $71,926 in the fourth quarter.
  • 3.6 percent GDP growth from Q3 to Q4 2020
  • Weekly earnings on average Change in average weekly wages from September 2020: $1,277 9.5 percent of the population is poor from September 2019 to September 2020. 9 percent in 2019

9. Minnesota

  • Unemployment rate in February 2021: 4.3%
  • Unemployment rate in February 2021, compared to the previous year: minus 7.0%
  • GDP per capita in Q4 2020 is $69,290, up 4.7 percent from Q3 to Q4 2020.
  • Weekly wages averaged $1,178 in September 2020.
  • Changes in average weekly salaries as a percentage of the national average 6.4 percent for the period September 2019-September 2020
    Poverty rate as a percentage of the population 9 percent in 2019

8. District of Columbia is the eighth state

  • Unemployment rate in February 2021: 8.1 %
  • Unemployment rate in February 2021, compared to the previous year: -0.89%
  • GDP per capita in 2020 is expected to be $210,453 in the fourth quarter.
  • 1.2 percent GDP growth from Q3 to Q4 2020
  • Weekly earnings on average Change in average weekly wages from September 2020: $1,962 6.1 percent for the period September 2019-September 2020
  • Poverty rate as a percentage of the population 13.5 % in 2019

7. Unemployment rate in Idaho

  • February 2021: 3.3%
  • Unemployment in February 2021 was up 1.0 percent year over year.
  • 2020, fourth quarter $50,856 a year in gross domestic product (GDP).
  • 5.4 percent GDP growth from Q3 to Q4 2020
  • Change in average weekly wages from September 2020 to September 2020: $884 5.5 percent of the population is poor from September 2019 to September 2020. 12% in 2019

6. Massachusetts is ranked number six

  • Unemployment rate in February 2021: 7.1 %
  • Unemployment rate in February 2021, compared to the previous year: -0.87%
  • GDP per capita in Q4 2020: $87,374 GDP growth in Q3 2020: 4.7 percent GDP growth in Q4 2020: 4.7 percent
  • Average weekly wages in September 2020: $1,488 % change in average weekly wages in September 2020: $1,488 % difference in average weekly wages in September 2020: $1,488 % 9.7% in September 2019-September 2020
  • Poverty rate as a percentage of the population 9.4% in 2019.

5. Unemployment rate in Washington

  • February 2021: 5.6%
  • Unemployment rate in February 2021, compared to the previous year: minus 6.0%
  • 2020, fourth quarter GDP per capita: $86,167 GDP growth rate: 1.8 percent from Q3 to Q4 2020
  • Average weekly wages in September 2020: $1,482 % change in average weekly wages in September 2020: $1,482 % difference in average weekly wages in September 2020: $1,482 % 11.0 percent for the period September 2019-September 2020
  • Poverty rate as a percentage of the population 9.8% in 2019.

4. Nebraska

  • Unemployment rate in February 2021: 3.1%
  • Unemployment rate in February 2021, compared to the previous year: minus 2.9%
  • GDP per capita in 2020 is expected to be $69,500 in the fourth quarter.
  • 6.3 percent GDP growth from Q3 to Q4 2020
  • Weekly wages averaged $964 in September 2020.
  • Changes in average weekly salaries as a percentage of the national average 6.4 percent for the period September 2019-September 2020
    Poverty rate as a percentage of the population 9.9% for the year 2019.

3. New Hampshire comes in third place

  • Unemployment rate in February 2021: 3.3%
  • Unemployment rate in February 2021, compared to the previous year: minus 5.4%
  • GDP per capita in Q4 2020 is $64,757, up 3.8 percent from Q3 to Q4 2020.
  • Weekly earnings on average $1,171 for September 2020
  • Changes in average weekly salaries as a percentage of the national average 8.9% of the population is poor between September 2019 and September 2020. 7.3 % in 2019

2. South Dakota

  • Unemployment rate in February 2021: 2.9%
  • Unemployment rate in February 2021, compared to the previous year: minus 2.5%
  • 2020, fourth quarter $65,632 in gross domestic product per capita
  • 9.9% growth in GDP from Q3 to Q4 2020
  • Weekly wages averaged $918 in September 2020.
  • Changes in average weekly salaries as a percentage of the national average 7.2 percent of the population is poor from September 2019 to September 2020. 11.9 % in 2019

1. Unemployment rate in Utah

  • February 2021: 3.0%.
  • Unemployment decreased by 0.4 percent in February 2021 compared to the same month the previous year.
  • 2020, fourth quarter $65,494 in gross domestic product per capita
  • 7.1 percent GDP growth from Q3 to Q4 2020
  • In September 2020, the average weekly wage will be $1,015, according to the Bureau of Labor Statistics.
  • Changes in average weekly salaries as a percentage of the national average 6.1 percent for the period September 2019-September 2020
    Poverty rate as a percentage of the population 8% in 2019
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