Nation’s Best and Worst Unemployment Rates by Market
Unemployment across much of the U.S. continues to register at historically low levels, thanks to an improved job market. As of July, the nation’s unemployment rate averaged 3.8%, according to non-seasonally adjusted data from the Bureau of Labor Statistics. That reading was unchanged month-over-month and year-over-year, marking the 17th consecutive month below 4%. Among the nation’s 50 largest markets, Baltimore claimed the lowest unemployment rate in July at 1.7%, followed by Miami at 1.9%. Alternatively, Las Vegas posted the highest unemployment rate in July at 6.1%. The next worst performer was Los Angeles, with unemployment at 5.4%. Unemployment rates in July were higher than a year ago in 30 of the nation’s largest markets, lower in 18 markets and unchanged in two. The most improved unemployment rates over the past year were seen in Baltimore (-170 bps), Cleveland (-140 bps) and Pittsburgh (-130 bps). The weakest performances were in Newark (+120 bps), San Jose (+90 bps), Austin (+80 bps) and Oakland (+80 bps).