With inflation staying high but the U.S. gained newly 5,000 jobs in August, WalletHub new updated rankings for a report on Changes in Unemployment Rate by City
Below, you can see highlights from the report.
|Best Change in Unemployment|
|1. Hialeah, FL||11. West Valley City, UT|
|2. South Burlington, VT||12. St. Petersburg, FL|
|3. Miami, FL||13. Anchorage, AK|
|4. Burlington, VT||14. Cape Coral, FL|
|5. Juneau, AK||15. Tampa, FL|
|6. Minneapolis, MN||16. Bismarck, ND|
|7. St. Paul, MN||17. Fremont, CA|
|8. San Jose, CA||18. Salt Lake City, UT|
|9. San Francisco, CA||19. Garden Grove, CA|
|10. Pembroke Pines, FL||20. Fort Lauderdale, FL|
How will the Fed’s interest rate hikes affect unemployment?
“If the Fed continues to be more aggressive when raising interest rates, it will have a bigger impact on unemployment. The Fed is now projecting that the unemployment rate will rise to 4.5% after their latest hike, which would translate to about 1.3 million people losing their jobs,” said Jill Gonzalez, WalletHub analyst. “That number won’t be distributed evenly, though, because unemployment for Blacks and Hispanics tends to rise faster than it does for Whites during economic turmoil.”
How are current labor shortages affecting the economy?
“The labor shortage we’re seeing right now was created by layoffs during the pandemic,” Gonzalez added. “The problem is that only those laid off have returned to work. If the shortage continues, there could be rising wages and even more inflation in the short term. In the long term, it could slow or stop GDP growth and bring about a recession.”
What qualities should unemployed people look for when choosing which businesses to apply to?
“Pickier people can now be a little pickier when it comes to needing since many businesses need workers. If remote work is important to you, the leverage is now more than ever to request at least a hybrid work schedule,” she said. “That being said, the recession is coming, so now is the time to become employed. Employees should look for businesses that have long-term growth and needs that can outlast the recession.”
Please visit here to view the full report and your city’s rank here.