The state’s 16.3% unemployment rate — fourth-worst in the nation — could slow any recovery, but don’t bet against another Massachusetts miracle, one fiscal hawk says.
Massachusetts is tied for fourth-worst in the U.S. along with California and Rhode Island, according to May figures. Tourist-heavy Nevada and Hawaii top the list, with jobless rates last month of 25.3% and 22.6%, respectively.
Michigan falls in next at 21.2%. The national jobless average was 13.3% in May.
From the Boston Herald:
But it’s not all gloom and doom, said Paul Craney of the MassFiscal Alliance.
“The private sector is very intuitive and will do everything it can to thrive, especially seasonal businesses,” Craney said. “There is hope because the private sector will do all they can to salvage their businesses and careers.”
Massachusetts, unlike other southern and western states, seems to have also fought back the spread of the coronavirus. That could also allow for job growth as a vaccine moves closer to reality.
Walczak said most state governments are in a “wait-and-see mode” as the coronavirus still festers. But, he added, “there’s a risk in waiting too long” to make cuts