FormRush recently distributed an analysis of unemployment data that is relevant to buy-here, pay-here operators and special finance departments at car dealerships. The firm’s senior data scientist, Susy Bento, identified varying state-level unemployment rates in 2023 using information from the Bureau of Labor Statistics (BLS).

Bento divided the results into two categories: states with significant job growth and those dealing with higher unemployment rates. Among the ten states with the highest unemployment rates, Nevada topped the list with 5.4%. The cause was slow job recovery in the tourism-dependent entertainment and hospitality sectors. Washington D.C. followed at 4.9% due to cuts to public sector jobs.

California had an unemployment rate of 4.6%, reflecting an uneven jobs recovery across its regions. Illinois and Delaware had unemployment rates of 4.4% and 4.3%, respectively, signifying struggles in heavy industry, manufacturing, and the chemical and financial sectors. New York and Texas both recorded 4.1% unemployment owing to dependence on specific industries like finance.

Suffering from lingering aerospace declines, Washington reported 4% unemployment, just like New Jersey and Michigan which are still grappling with statewide barriers such as affordability challenges for small businesses and lingering manufacturing job loss.

On the other end of the spectrum, North Dakota and South Dakota had the lowest unemployment rates at 2.0%. They were followed by Nebraska (2.1%), New Hampshire (2.2%), Vermont, and Maryland (2.2%), rounding out the six states with the best employment situations.