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Walmart Nation: Mapping America’s Biggest Employers

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Walmart Nation: Mapping America’s Biggest Employers

In America, approximately 150 million people are currently employed, doing everything from neurosurgery to greeting customers at your local Walmart Supercenter.

While there is a breathtaking variety of jobs out there, a few large-scale organizations stand out as the top employer in each state.

The Largest Employer in Each State

The U.S. is the third most populous country in the world, so it takes a lot of manpower to keep the government running. It’ll come as no surprise that, in most states, either the state or federal government is the top employer. California alone employs a quarter of a million federal workers.

New York State is a unique case as NYC’s municipal workforce is the top employer.

Technically, the largest employer on the planet is the U.S. Department of Defense, and in eight states, there are more active military personnel than any single private employer.

Non-Government Employers

When we exclude direct government and military employment, a few trends emerge. Universities and hospitals – there is often some overlap between the two – are top employers in nearly half of the states.

In a handful of cases, the top employer reflects an industry that is well known in the region. General Motors, for example, is still the top employer in Michigan. In Nevada? MGM Resorts International, with over 55,000 employees.

When it comes to large-scale employment, there’s one regional trend that stands out the most – the broad blue expanse of Walmart country.

Walmart Map: The Biggest Employers in United States
View the high resolution version of today’s graphic by clicking here.

Walmart Nation

Walmart is the biggest company in the world by revenue, and there are over 3,500 Walmart Supercenters spread around the United States alone. It takes about 1% of private sector workforce in the United States to keep this massive fleet of big box stores running. In Arkansas, that figure jumps up to 4%, with about one-third of the total retail workforce employed at the retail giant.

Here’s a full look at the 21 states where Walmart is the top employer.

State# of Walmart Employees
Texas168,403
Florida107,460
Georgia60,002
Illinois53,687
Arkansas52,367
Ohio50,186
Virginia43,623
Missouri42,029
Tennessee40,598
Indiana39,875
Alabama37,207
Louisiana36,309
Oklahoma32,713
South Carolina32,165
Kentucky29,554
Mississippi24,180
Kansas20,103
West Virginia11,864
New Hampshire7,593
Montana4,861
Wyoming4,648

What About Amazon?

When we talk about the retail industry, it’s impossible to avoid discussing Amazon. The e-commerce company is growing at an impressive clip, and is now the second largest private employer in the country, with over half a million employees.

That said, even with the acquisition of Whole Foods, Amazon still has a long way to go to catch up to Walmart’s massive employee count. The company’s reliance on contract workers and supply chain automation means that this map is unlikely to turn orange in the near future.

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Markets

Beyond Big Names: The Case for Small- and Mid-Cap Stocks

Small- and mid-cap stocks have historically outperformed large caps. What are the opportunities and risks to consider?

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A line chart showing the historical return performance of small-, mid-, and large-cap stocks.

 

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The following content is sponsored by New York Life Investments
An infographic comparing low-, mid-, and large-cap stocks, including an area graph showing historical returns, a bubble chart showing how much $100 would be worth over 35 years, a horizontal bar graph showing annualized volatility, and a line graph showing relative forward price-to-earnings ratios, that together show that mid-cap stocks present a compelling investment opportunity.

Beyond Big Names: The Case for Small- and Mid-Cap Stocks

Over the last 35 years, small- and mid-cap stocks have outperformed large caps, making them an attractive choice for investors.

According to data from Yahoo Finance, from February 1989 to February 2024, large-cap stocks returned +1,664% versus +2,062% for small caps and +3,176% for mid caps.  

This graphic, sponsored by New York Life Investments, explores their return potential along with the risks to consider.

Higher Historical Returns

If you made a $100 investment in baskets of small-, mid-, and large-cap stocks in February 1989, what would each grouping be worth today?

Small CapsMid CapsLarge Caps
Starting value (February 1989)$100$100$100
Ending value (February 2024)$2,162$3,276$1,764

Source: Yahoo Finance (2024). Small caps, mid caps, and large caps are represented by the S&P 600, S&P 400, and S&P 500 respectively.

Mid caps delivered the strongest performance since 1989, generating 86% more than large caps.

This superior historical track record is likely the result of the unique position mid-cap companies find themselves in. Mid-cap firms have generally successfully navigated early stage growth and are typically well-funded relative to small caps. And yet they are more dynamic and nimble than large-cap companies, allowing them to respond quicker to the market cycle.

Small caps also outperformed over this timeframe. They earned 23% more than large caps. 

Higher Volatility

However, higher historical returns of small- and mid-cap stocks came with increased risk. They both endured greater volatility than large caps. 

Small CapsMid CapsLarge Caps
Total Volatility18.9%17.4%14.8%

Source: Yahoo Finance (2024). Small caps, mid caps, and large caps are represented by the S&P 600, S&P 400, and S&P 500 respectively.

Small-cap companies are typically earlier in their life cycle and tend to have thinner financial cushions to withstand periods of loss relative to large caps. As a result, they are usually the most volatile group followed by mid caps. Large-cap companies, as more mature and established players, exhibit the most stability in their stock prices.

Investing in small caps and mid caps requires a higher risk tolerance to withstand their price swings. For investors with longer time horizons who are capable of enduring higher risk, current market pricing strengthens the case for stocks of smaller companies.

Attractive Valuations

Large-cap stocks have historically high valuations, with their forward price-to-earnings ratio (P/E ratio) trading above their 10-year average, according to analysis conducted by FactSet.

Conversely, the forward P/E ratios of small- and mid-cap stocks seem to be presenting a compelling entry point. 

Small Caps/Large CapsMid Caps/Large Caps
Relative Forward P/E Ratios0.710.75
Discount29%25%

Source: Yardeni Research (2024). Small caps, mid caps, and large caps are represented by the S&P 600, S&P 400, and S&P 500 respectively.

Looking at both groups’ relative forward P/E ratios (small-cap P/E ratio divided by large-cap P/E ratio, and mid-cap P/E ratio divided by large-cap P/E ratio), small and mid caps are trading at their steepest discounts versus large caps since the early 2000s.

Discovering Small- and Mid-Cap Stocks

Growth-oriented investors looking to add equity exposure could consider incorporating small and mid caps into their portfolios.

With superior historical returns and relatively attractive valuations, small- and mid-cap stocks present a compelling opportunity for investors capable of tolerating greater volatility.

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