Apr 18, 2023 - News
D.C.’s unemployment rate drops
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The unemployment rate in the Washington metro area fell by 0.2 percentage points in February to 3%, 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 as of March, the unemployment rate was 3.5%.
- The Washington region’s rate dropped a 0.9 percentage point over the past year.
- Only a handful of metro areas have unemployment below 3%, including Miami, Minneapolis, and Tampa.
Zoom out: City-level unemployment figures tend to closely track the national trend, with minor deviations driven by the local economic situation.
The bottom line: The Fed is keeping a close eye on the employment level as a measure of the economy's overall temperature.