MEMPHIS, Tenn. — A recent study found Memphis is not doing a good job bouncing back from the pandemic recession when it comes to getting folks back to work.
WalletHub compared 180 cities and put the Bluff City at 166th in those rankings. The top two cities were in New Hampshire and the next two were in Vermont. Nashville was No. 57 and New Orleans was 179.
“The COVID-19 pandemic was disastrous for U.S. employment, but the job market is showing signs of healing due to states reopening,” WalletHub said. “The national unemployment rate is currently at 5.8%, which is 61% lower than the peak of 14.8% during the height of the pandemic. The country has been able to make a lot of progress thanks to the distribution of the vaccine, but it will likely take a long time for the unemployment rate to return to the historic low it experienced prior to the coronavirus crisis. Some cities’ jobs have weathered the storm better than others, though.”
To find out what all these numbers mean, and how it could impact your wallet, we asked economist Dr. John Gnuschke, who just retired from the University of Memphis last year.
Gnuschke said the city is rebounding, just slowly. That’s no surprise to him, because Memphis has always been a slow-growth town.