Lubbock Is the City With the 15th Best Unemployment Rate Recovery
In a recent report released by the personal-financial website WalletHub, Lubbock ranked 15th for cities with the best unemployment rate recovery.
During the past several months, the unemployment rate in the United States set records in most states. Texas has not been immune from the impact of businesses being ordered to close, along with other regulations put in place in order to combat the spread of COVID-19.
According to WalletHub, this new "report uses new data from the Bureau of Labor Statistics, which recently disclosed that it erroneously didn't count many workers on temporary layoffs as unemployed. Therefore, the real unemployment rate may be around 11 percent higher than reported, and our report includes both the official rate and an 'adjusted' rate based on this error."
The study by WalletHub used a few key metrics to determine the cities with the best unemployment rate recovery.
"We looked at the change in each city’s unemployment rate during the latest month for which we have data (June 2020) compared to June 2019 and January 2020. We also considered each city’s overall unemployment rate," wrote Adam McCann
For the complete report and a look at the methodology used by WalletHub, click here.