October 28, 2020
Unemployment rates trended upward for the month of September in 388 of the 389 metropolitan areas and lower in 1 state compared to twelve months earlier. According to Bureau Labor Statistics (BLS), “a total of 73 areas had jobless rates of less than 5.0% and 31 areas had rates of at least 10.0%.” Non-farm payroll employment fell in 251 metropolitan areas and was stable in the remaining 138 areas. The national unemployment rate as of September 2020 rose to 7.7%, not seasonally adjusted, up from 3.3% 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 separately identifiable employment centers. Los Angeles-Long Beach-Glendale, CA, in September, experienced the highest unemployment rates among the divisions, 15.1%. Whereas, Dutchess County Putnam County, NY, experienced the lowest unemployment rate among the divisions of 5.7%.
Moreover, BLS stated that, “in September, all 38 metropolitan divisions had over-the-year unemployment rate increases, the largest of which were in Los Angeles-Long Beach-Glendale, CA (+10.8 percentage points), and Miami-Miami Beach-Kendall, FL (+10.7 points). The smallest rate increase occurred in Dutchess County-Putnam County, NY (+2.2 percentage points).”
Metropolitan Division Nonfarm Employment (Not Seasonally Adjusted)
Nonfarm payroll employment fell in all 38 metropolitan divisions over the year. The largest over-the-year decline in employment among the metropolitan divisions took place in New York-Jersey City-White Plains, NY-NJ (-834,500), followed by Los Angeles-Long Beach Glendale, CA (-437,100), and Chicago-Naperville-Arlington Heights, IL (-274,200).
Furthermore, the largest over-the-year percentage decreases in employment were observed in Haverhill-Newburyport Amesbury Town, MA-NH (-12.2%), New York-Jersey City-White Plains, NY-NJ (-11.5%), and Lowell-Billerica-Chelmsford, MA-NH (-11.4).
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.