Miami Records Lowest Unemployment Among Major Markets
Unemployment across the U.S. continues to register at historically low levels. As of November, the nation’s unemployment rate averaged 3.4%, according to the Bureau of Labor Statistics. That was the third consecutive month below 3.5% and the ninth consecutive month below 4%. For comparison, during the two years leading up to the COVID-19 pandemic (2018-2019), unemployment registered between 3.3% and 4.5%, averaging 3.8% nationally. Prior to that period, unemployment hadn’t fallen below 3.5% since the late 1960s. Among major U.S. markets, Miami recorded the lowest unemployment rate in November at 1.5%, followed by Minneapolis at 1.9%. Miami and Minneapolis even edged out Salt Lake City (2%) which usually has the lowest unemployment rate nationally. Also recording an unemployment rate below 2.5% was San Francisco (2.2%) and San Jose (2.4%). On the flip side, Las Vegas posted the highest unemployment rate in November, at 5.6%. Los Angeles and Chicago were also among the bottom performers in November, with unemployment at 4.5% and 4.4%, respectively. The most improved unemployment rates in November were seen in Miami, Los Angeles, Newark and New York, with each posting year-over-year declines of 160 to 180 basis points. The weakest performances were in Indianapolis and Portland, where unemployment rose around 50 basis points over the past year.