Unemployment Rates Vary Widely Among Major Markets

Unemployment rates among the nation’s 50 largest markets varied widely, with a span of 380 basis points (bps) as of July 2024. All but three major markets saw unemployment rates increase over the past year. Although unemployment has risen recently, rates have improved dramatically since reaching a peak during the COVID-19 pandemic of 14.4% in April 2020, which was the worst reading since the Great Depression. Most recently, the U.S. average unemployment rate rose 70 basis points year-over-year to 4.5% in July, according to not seasonally adjusted data from the Bureau of Labor Statistics. Among major U.S. markets, the largest surge in unemployment was in Detroit, with the rate jumping 240 bps in the past year. On the other hand, the unemployment rate was unchanged year-over-year in Austin, Milwaukee and San Antonio. Nashville recorded the lowest unemployment rate in July at 2.9%. Also recording unemployment rates below 3.5% were Miami (3.1%), Baltimore and Richmond (both at 3.4%). On the flip side, Las Vegas posted the highest unemployment rate, at 6.7% in July. Los Angeles and Detroit were also among the bottom performers, with unemployment at 6.5% and 6.4%, respectively.