November 28, 2019
Unemployment rates trended downward for the month of October in 240 of the 389 metropolitan states compared to a year earlier. According to Bureau Labor Statistics, this was “higher in 121 areas, and unchanged in 28 areas.” Jobless rates lower than 3% were recorded in 153 areas while 2 areas posted rates of at least 10.0%. Nonfarm payroll employment rose in 49 metropolitan areas and was stable in the remaining 340 areas. The national unemployment rate as at October 2019 stood at 3.3%, not seasonally adjusted, down from 3.5% 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. San Francisco-Redwood City-South San Francisco, CA, in October had the lowest unemployment rate among the divisions, 1.9%. Philadelphia, PA, however, experienced the highest division rate, 5.2%.
Moreover, BLS stated, “29 metropolitan divisions had over-the-year unemployment rate decreases, 8 had increases, and 1 had no change. The largest rate declines occurred in Detroit-Dearborn-Livonia, MI, and Elgin, IL (-0.9 percentage point each). The largest over-the-year jobless rate increase occurred in Philadelphia, PA (+0.5 percentage point).”
Metropolitan Division Nonfarm Employment (Not Seasonally Adjusted)
Nonfarm payroll employment rose in 9 of the 38 metropolitan divisions over the year and was stable in 29 divisions in October. The largest over-the-year increase in employment among the metropolitan divisions took place in Dallas-Plano-Irving, TX (+87,300), followed by Los Angeles-Long Beach-Glendale, CA (+61,700), and New York-Jersey City-White Plains, NY-NJ (+57,700).
Furthermore, the largest over-the-year percentage increases in employment were observed in Dallas-Plano-Irving, TX, and San Francisco-Redwood City-South San Francisco, CA (+3.3% each), Seattle-Bellevue-Everett, WA (+3.1%), and Oakland-Hayward-Berkeley, CA (+2.1%).
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 transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
