US Metro Unemployment Rates Rise in Most Areas in November 2024
Nonfarm employment grows in key metropolitan areas, despite overall static trends
Unemployment rates increased in a significant majority of U.S. metropolitan areas in November 2024, compared to the previous year, according to the latest report from the U.S. Bureau of Labor Statistics. Specifically, 308 out of 389 areas saw higher jobless rates, with just 60 areas experiencing declines and 21 remaining unchanged. Meanwhile, nonfarm payroll employment rose in 32 metropolitan areas while holding steady across 357 areas. The national unemployment rate stood at 4.0 percent, up from 3.5 percent a year earlier.
Regional Unemployment Variances
The report highlights considerable regional variances in unemployment. Sioux Falls, SD, boasted the lowest rate at 1.5 percent, with Rapid City, SD, close behind at 1.7 percent. Conversely, El Centro, CA, reported the highest unemployment rate at a staggering 19.0 percent. Among large metropolitan areas, Hartford-West Hartford-East Hartford, CT, had the lowest jobless rate at 2.7 percent, whereas Las Vegas-Henderson-Paradise, NV, recorded the highest at 5.9 percent.
Significant Shifts in Unemployment Rates
Noteworthy over-the-year increases were observed in Asheville, NC, and Kokomo, IN, with rises of 3.4 and 3.2 percentage points, respectively. On the flip side, Kahului-Wailuku-Lahaina, HI, saw the most substantial decrease, with unemployment dropping by 3.0 percentage points. Among metropolitan divisions, Detroit-Dearborn-Livonia, MI, faced the most significant increase of 2.1 percentage points.
Employment Growth in Specific Sectors
In terms of nonfarm payroll employment, the New York-Newark-Jersey City, NY-NJ-PA area led with an increase of 139,200 jobs. Significant growth was also noted in Dallas-Fort Worth-Arlington, TX, and Houston-The Woodlands-Sugar Land, TX. The largest percentage growth was recorded in Rochester, MN, which saw a 5.9 percent increase. Metropolitan divisions also reflected similar trends, with notable employment increases in New York-Jersey City-White Plains, NY-NJ, and Los Angeles-Long Beach-Glendale, CA.
The data from November 2024 underscores persistent challenges and emerging opportunities within the U.S. labor market, with significant disparities between various metropolitan and divisional areas. As the economic landscape continues to evolve, regional policymakers and business leaders are urged to adapt to these changing employment dynamics to foster economic resilience and growth.
Article Source: Bureau of Labor Statistics Press Release
