KBRA releases commentary on the trends in the December 2021 state-level unemployment data.

In this installment of our series on state unemployment rates, KBRA examines December 2021 state data released on January 25, 2022, and compares state labor market conditions to pre-COVID data. While some states have reached another milestone in their recovery, several high personal income tax (PIT) states continue to trail improvements in the overall U.S. labor market. Moreover, the dominant and highly virulent omicron variant threw another curveball in the overall recovery progress. The pandemic recovery data reinforces a thematic trend that was well-anchored pre-pandemic: supply-related labor market pressures in high PIT states. In terms of credit risk, across-the-board improvements in liquidity and reserves among municipal entities, buoyed by federal stimulus, support strengthening credit profiles.

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Related Publications

• COVID-19: Retail Sales Slipped in December; Record January Infections May Signal Another Slow Month

• November Unemployment Rates—30 States Reporting Below Pre-Pandemic Levels; NY, CA, and NJ Continue to Lag

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

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