The number of unemployed NY residents increased by 931,600, while the labor force (the total number of people working or looking for work) dropped by 307,600 - both monthly records.
The study, released by WalletHub, says Kentucky is the 8th most-affected state last week when it comes to an increase in unemployment claims due to COVID-19.
The majority of the backlog consists of gig workers, contractors and self-employed people, as well as people who can't go to work because their children are home from school.
The U.S. labor market experienced another wave of first-time unemployment claims last week, indicating layoffs are continuing at a high rate even though some states are reopening their economies.
"One bright spot, however, was the almost flat reading in continuing claims, which serve as a gauge of (1) how quickly the economy can ramp up after states "re-open" and (2) the efficacy of the PPP". Following were Georgia (14,420), Washington (8,615), NY (4,309), and South Dakota (1,340).
Although the number is staggering, weekly claims have been gradually declining since hitting a record 6.9 million in the last week of March. As the pandemic drags on, the ripple effects will continue to grow, possibly reaching those who - until that point - were still employed.
Briem predicted the jobless rate will be around 16%, depending on how numerous unemployed workers are captured in the data. Other data indicated manufacturing in the Federal Reserve Bank of Philadelphia's region contracted at a slower pace in May than the prior month. Specifically, most states in recent weeks have seen substantial decreases in weekly claims. Some economists are looking to the raw numbers for a more accurate read on benefit filings amid challenges with the seasonal adjustment process.
Data from the Tennessee Department of Labor and Workforce Development shows Tennessee saw an unemployment rate of 14.7% during the month of April amid the pandemic.