Although the U.S. has experienced two declining quarters of GDP, defined as a technical recession, many are left wondering whether the economy is really in a recession as unemployment rates remain at historical lows of 3.5%.
Unemployment Rates By State: According to the U.S. Bureau of Labor Statistics, unemployment rates for July 2022 were unchanged in 33 states, lower in 14 states including the District of Columbia and increased in three states, since June. The District of Columbia and all 50 states saw unemployment decrease from a year earlier by 1.9%.
