Cleveland unemployment drops again
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Cleveland's unemployment rate edged lower in June in tandem with the national rate, dropping the metro area's jobless rate to a seasonally adjusted 3.3%, new federal data shows.
Why it matters: While nearly half of the country's cities and metro areas tracked in the U.S. Bureau of Labor Statistics jobs report posted higher unemployment rates, Cleveland's low, declining figure suggests its labor market remains solid.
Zoom out: Cleveland's unemployment rate is nearly a percentage point below the national average and is lower than 80% of the areas surveyed by the Bureau of Labor Statistics.
Zoom out: The lowest rate was Rapid City, South Dakota, which ticked just below 2%
- The highest was Southern California's El Centro at just under 19%, while Visalia, California, also topped 10%.
Context: Our area added 5,300 jobs since last June.
- The state added 35,400 jobs during the same period.
What we're watching: The Fed's policymaking committee appears to be more focused on inflation than the job market. They left their key interest rate unchanged last week, leaving interest rates on credit cards and car loans elevated.
The bottom line: A stable local employment picture can be welcome news, but it doesn't necessarily translate into relief for household budgets.