FormRush distributed some intriguing unemployment analysis that might help buy-here, pay-here operators and special finance departments at other dealerships with their underwriting and collections efforts, especially in 10 locations.

Susy Bento is the senior data scientist at FormRush, which provides a range of legal document templates tailored to various needs. On Thursday, Bento shared findings from an analysis to examine state-level unemployment disparities in 2023 based on data obtained from the Bureau of Labor Statistics (BLS).

With the primary objective being to identify and understand the variations in unemployment rates across the U.S., Bento categorized her results into two distinct clusters: those experiencing significant job growth and those grappling with higher unemployment rates.

Through a news release, Benton pinpointed the 10 locations with highest unemployment rates last year, adding some context about why.

  1. Nevada: 5.4%

“Nevada had the highest unemployment rate at 5.4% at the end of 2023, with job recovery in hospitality and entertainment continuing to lag. The state’s heavy tourism dependence has challenged the rebound.”

  1. District of Columbia: 4.9%

“Washington D.C., followed closely with 4.9% unemployment, as cuts to public sector employment like government administrative jobs have hampered hiring progress.”

  1. California: 4.6%

“California unemployment stood at 4.6% last December, showing an uneven jobs recovery across regions with the tech-centric Bay Area rebounding strongly while other areas struggle.”

  1. Illinois: 4.4%

“Illinois’ 4.4% unemployment rate in December reflects its gradual recovery from long-term declines in heavy industry and manufacturing across many metro areas.”

  1. Delaware: 4.3%

“Delaware’s 4.3% joblessness underscores reliance on financial and chemical sectors facing consolidation risks that compound workforce impacts from regional declines.”

  1. New York: 4.1%

“With Wall Street and the finance industry recovering strongly, New York’s 4.1% unemployment underscores how much the state relies on the workplace ecosystem and economic vibrancy of New York City.”

  1. Texas: 4.1%

“Texas’ steady 4.1% unemployment despite its business-friendly policies shows that even resilient economies grapple with lasting impacts from pandemic turbulence. The state still copes with a hospitality sector not fully recovered and regional disparities polarizing metros.”

  1. Washington: 4.0%

“At 4% unemployment, lingering aerospace declines in Washington weigh down hiring despite pockets of tech-sector resilience during turbulent times. The state contends with changes hitting cornerstones while emerging industries develop footing.”

  1. New Jersey: 4.0%

“New Jersey’s 4% unemployment highlights an uneven recovery complicated by statewide barriers like affordability challenges for small businesses looking to expand workforces after the pandemic’s blows. Tourism and transit trajectories chart paths ahead.”

  1. Michigan: 4.0%

“At 4% unemployment in December, Michigan continues to grapple with lingering manufacturing job loss that has spanned decades across its metro Detroit and Flint regions.”

Conversely, which locations have the healthiest employment situations?

Bento and FormRush discovered North Dakota and South Dakota both stood at 2.0%, while Nebraska (2.1%), New Hampshire (2.2%), Vermont and Maryland (2.2%) rounded out the best six readings.