Jobless rates up over the year in 253 of 389 metro areas

April 29, 2020

Unemployment rates trended upward for the month of March in 253 of the 389 metropolitan states compared to twelve months earlier. According to Bureau Labor Statistics (BLS), unemployment rates were, “lower in 123 areas, and unchanged in 13 areas.” Jobless rates lower than 3.0% were recorded in 45 areas while 11 areas posted rates of at least 10.0%. Non-farm payroll employment rose in 21 metropolitan areas and was stable in the remaining 367 areas. The national unemployment rate as at March 2020 rose to 4.5%, not seasonally adjusted, up from 3.9% a year earlier.

Metropolitan Division Unemployment (Not Seasonally Adjusted)

Eleven of the most populous metropolitan areas are made up of 38 metropolitan divisions, which are essentially separately identifiable employment centers. Boston-Cambridge-Newton, MA, in March experienced the lowest unemployment rate among the divisions, 2.7%. Whereas, Philadelphia, PA, and Los Angeles Long Beach-Glendale, CA experienced the highest division rates of 6.6% and 6.4%, respectively.

Moreover, BLS stated, “in March, 29 metropolitan divisions had over-the-year unemployment rate increases, 6 had decreases, and 3 had no change. Seattle-Bellevue-Everett, WA, had the largest rate increase (+2.5 percentage points), followed by Los Angeles-Long Beach-Glendale, CA, and Philadelphia, PA (+1.9 points each). The largest rate decline occurred in Elgin, IL (-1.7 percentage points).”

Metropolitan Division Nonfarm Employment (Not Seasonally Adjusted)

Nonfarm payroll employment rose in 5 of the 38 metropolitan divisions over the year and was stable in 33 divisions in March. The largest over-the-year increase in employment among the metropolitan divisions took place in Dallas-Plano-Irving, TX (+77,500), followed by Los Angeles-Long Beach-Glendale, CA (+41,300), and Washington-Arlington-Alexandria, DC-VA-MD-WV (+34,900).

Furthermore, the largest over-the-year percentage increases in employment were observed in Dallas-Plano-Irving, TX (+2.9%), Philadelphia, PA (+2.2%), and Seattle-Bellevue-Everett, WA (+1.6%).

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect