States most vulnerable to coronavirus-driven economic hit

Wells Fargo senior economist Mark Vitner says Friday's jobs report won't pick up the millions of layoffs that have taken place since the coronavirus epidemic hit.

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The coronavirus pandemic has hit the U.S. economy hard as nonessential businesses across the country have been forced to close their offices to slow the spread of the virus.

As a result, companies have had to lay off or furlough employees, and earlier this month a record number of Americans -- 3.28 million -- applied for unemployment, according to the Labor Department.

However, some state economies will be hit harder than others.

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Visitors to the Department of Labor are turned away at the door by personnel due to closures over coronavirus concerns in New York. (AP Photo/John Minchillo, File)

On Tuesday, WalletHub published a report that found which state economies are the “most exposed” to coronavirus.

For its report, the personal finance website analyzed all 50 states and Washington, D.C., based on 10 measurements within two categories: “High Impact Industries & Workforce” and “Resources for Businesses to Cope Better with the Crisis.”

Aside from the overall results, WalletHub also found how states ranked on specific measurements.

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For example, Rhode Island was found to have the highest increase in the number of unemployment insurance claims while Utah had the lowest increase.

Meanwhile, three states tied as the least prepared for digital economy -- Alaska, New Jersey and Rhode Island -- while five states tied for the most prepared for digital economy -- Georgia, Michigan, Missouri, Ohio and Utah.

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But if the shutdown were to drag into May, June or July, the economic damage starts to cascade at a very fast pace, says Steve Moore, Trump 2016 senior economic adviser and author of 'Trumponomics.'

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Six states shared the top spot for lowest share of workers with access to paid sick leave, while five shared the top spot for highest share of workers with access to paid sick leave.

The states with the lowest share were Alabama, Illinois, Indiana, Kentucky, Michigan and Mississippi. The states with the highest share were Alaska, California, Hawaii, Oregon and Washington.

To see the top results from the overall ranking, these are the state economies that are the most exposed to the coronavirus, according to WalletHub.

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10. Illinois

9. Massachusetts

8. New Jersey

7. Montana

6. Pennsylvania

5. New Hampshire

4. Maine

3. Nevada

2. Rhode Island

1. Louisiana