Article source: ConstructConnect
Among America’s dozen most populous cities, the five with the lowest unemployment rates, according to the latest (i.e., for November 2021) ‘household survey’ conducted by the Bureau of Labor Statistics (BLS), are Atlanta (2.2% not seasonally adjusted/NSA), Phoenix (2.8%), Washington (3.6%), Miami (3.7%) and San Francisco (3.8%).
A low unemployment rate is only half the story, however, when it comes to evaluating whether a city has a vibrant labor market. At least as important is a healthy record of jobs creation.
On that score, Atlanta and Phoenix fare well, with the latter slightly outperforming the former. Jobs growth in Phoenix is currently +5.6% year over year; by comparison, Atlanta is +5.1%.
Miami and San Francisco can also boast of hiring success. Employment in the former is +5.3% y/y, while in the latter, it’s +5.0% y/y.
Washington’s y/y staffing increase of +4.1% is a little below the national ‘all jobs’ rate of +4.5% y/y.
Table 1 takes the labor market analysis beyond just the biggest 12 cities in the nation. Table 1 is based on the results for all 50-plus U.S. metropolitan statistical areas (MSAs) that have populations of at least a million residents.
