A new study by SmartAsset ranks Kentucky among the states seeing the biggest spike in jobless claims due to the COVID-19 pandemic.
The study, which compared the average number of initial unemployment claims per week in January and February 2020 to the advance number of initial claims for the week ending March 21, 2020, ranked Kentucky 16th out of the 50 states with a 1,476% increase in claims, jumping from 2,785 the week ending with March 21 to 48,847 the week ending with March 28.
Last Thursday, the Department of Labor reported that 3.28 million people filed for unemployment insurance for the week ending March 21, 2020. This was the highest historical number of new claims in a week, almost five times the previous record high. Long-term unemployment, especially during a crisis like the coronavirus pandemic, will make it difficult for many Americans to save money adequately.
For details on SmartAsset’s data sources and how all the information was put together to create the final rankings, view the full study at SmartAsset.com.