Labor Markets Most and Least Impacted by COVID-19
Omaha registered labor force gains from a year ago, reinforcing renter demand.
Unemployment in the country's least impacted labor market, Louisville, rose by 2.0% year-over-year.
Boston experienced the nation’s highest unemployment percentage gain, up 12.6% from a year ago.
Year-over-year employment growth turned negative in each of the top 50 largest U.S. metros, according to the Bureau of Labor Statistics’ latest Metropolitan Jobs Report. While no city went unscathed, the scale of damage to labor markets differed depending on location.
Smaller cities like Louisville, Omaha and Salt Lake City made it through July with only a moderate uptick in unemployment. However, larger metros, including Boston, Los Angeles and Las Vegas, were less fortunate. Chandan Economics analyzed the latest metro-level job numbers, examining where there’s more to the story than meets the eye.
For the full analysis, visit Arbor Chatter at the Arbor Realty Trust website.