Washington’s unemployment rate for June stands at 4.9%, placing it as the seventh-highest in the nation. Although this rate might seem moderate, it is higher than the 3.8% from the previous year. Washington’s economy, heavily reliant on tech, retail, and aerospace, has seen significant layoffs, particularly impacting small businesses. During the pandemic, mandatory closures hit these businesses hard, leading to increased unemployment and a depleted unemployment insurance (UI) fund.
The UI fund has since recovered, but employers now face higher unemployment tax rates, contributing to increased costs of products and services. Despite these challenges, the private sector added 700 jobs in June, though public sector losses offset this growth. Moving forward, unemployment benefits in Washington range from $342 to $1,079 per week, depending on the worker’s earnings.
