Mankato-North Mankato, Minnesota, had the lowest unemployment rate in October 2022, 1.3 percent. The next lowest rates were in Fargo, North Dakota-Minnesota, and Rochester, Minnesota, 1.4 percent each. Yuma, Arizona, had the highest rate, 17.9 percent. A total of 197 metropolitan areas had October jobless rates below the U.S. rate of 3.4 percent, 174 areas had rates above it, and 18 areas had rates equal to that of the nation.read full article »
Nonfarm payroll employment increased in 95 metropolitan areas and was essentially unchanged in 294 areas from October 2021 to October 2022. The largest over-the-year percentage gain in employment occurred in Atlantic City-Hammonton, New Jersey (7.9 percent), followed by Charleston-North Charleston, South Carolina, and Dallas-Fort Worth-Arlington, Texas (6.5 percent each).
The unemployment rate was unchanged at 3.7 percent in November 2022 and has been in a narrow range of 3.5 percent to 3.7 percent since March.
There were 4.0 million job quits in October 2022, and the quits rate was 2.6 percent. Both numbers were little different from recent months. The quits rate in the information industry fell from 1.9 percent in September 2022 to 0.9 percent in October 2022. This represents a drop in information industry quits from 57,000 to 28,000.
Total factor productivity increased in 15 out of 21 major industries in 2021. The largest increase was in arts, entertainment, and recreation (15.1 percent). This was followed by increases in accommodation and food services (12.4 percent), management of companies (6.2 percent), and information (4.6 percent).