Apr 17, 2023 - Business
Boston metro outdoing national average on jobs
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The unemployment rate in the Boston metropolitan area was 3.1% in February — a 0.1 percentage point increase from the previous month. It remains lower than the national average, per a new analysis of Labor Department data.
Why it matters: Looking at only the national unemployment rate can hide significant disparities between cities that are thriving and those that are struggling.
By the numbers: Nationally, the unemployment rate was 3.5% as of March — down 0.1 percentage point from the previous month, and down 0.1 percentage point year over year.
- As of February — the latest month for which city-level data is available — Boston’s unemployment rate edged past a handful of major U.S. metro areas, including Miami (2.2%), Minneapolis (2.4%) and Tampa (2.5%).
- But unemployment rose above 4% in other cities, including in Las Vegas (5.7%), Chicago (4.4%), Los Angeles (4.3%) and Houston (4.3%).
The bottom line: While unemployment is down nationally, some cities are struggling with it more than others.
- The Fed, meanwhile, is keeping a close eye on employment levels as a measure of the economy's overall temperature.