Unemployment Rates by Market

  in   Insights

Unemployment rates have skyrocketed in the wake of COVID-19, as shelter-in-place orders have resulted in massive layoffs and furloughs. Among the major U.S. markets, Las Vegas’ unemployment rate was highest in April, at 33.5%. This market’s employment base has contracted 21% year-over-year. Leisure and Hospitality losses informed local layoffs and furloughs, with some 128,000 jobs pulled from that sector since April 2019. Leisure and Hospitality jobs have been hit the hardest as a result of COVID-19. That sector has seen the largest percent decrease in each of the markets shown here. In Boston, more than 177,000 Leisure and Hospitality jobs have been removed from the local economy, a staggering 65% pullback year-over-year. Markets such as Washington, DC and Raleigh/Durham – while still subject to rising unemployment – have benefited from a high concentration of Government jobs. That sector has been relatively insulated from widespread layoffs and furloughs. Meanwhile, unemployment in Minneapolis sits just above 9%, ranking as the lowest unemployment rate in the nation. Prior to COVID-19, Minneapolis had one of the nation’s tightest unemployment rates.