Hard-hit and slow-to-recover job markets in New Jersey, New York, Hawaii, Illinois and Alaska might be adding some pressure to Fitch's negative credit outlooks.
Those five were among 16 states that took the toughest hits to employment last spring, and that have seen the slowest recovery from the bottom. The other two states that have negative credit outlooks from Fitch—Nevada and Kentucky—have seen unemployment improve slightly faster than the median state, according to research by Fitch Ratings.
"All states saw significant employment losses during the height of shutdowns due to the coronavirus pandemic from February through April 2020," the rating provider noted. The depth of employment declines and pace of recoveries has varied widely, with differing impacts on state economies and budgets.
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Scott Graham
Scott Graham focuses on intellectual property and the U.S. Court of Appeals for the Federal Circuit. He writes ALM's Skilled in the Art IP briefing. Contact him at [email protected].
