US Labor Market sours

Ahead of Non Farm Payrolls on Friday, the US Bureau of Labor Statistics has posted poor employment figures for 2020, providing a sobering reminder of the devastation of jobs last year:

242 out of 389 metropolitan areas had decreases in employment for the year ended November 2020

From November 2019 to November 2020, 242 metropolitan areas had over-the-year decreases in nonfarm payroll employment and 147 were essentially unchanged. The largest over-the-year employment decreases occurred in New York-Newark-Jersey City, NY-NJ-PA (−999,600), Los Angeles-Long Beach-Anaheim, California (−514,900), and Chicago-Naperville-Elgin, IL-IN-WI (−341,000). The largest over-the-year percentage losses in employment occurred in Kahului-Wailuku-Lahaina, Hawaii (−24.8 percent); Flagstaff, Arizona (−16.9 percent); and Monroe, Michigan (−15.5 percent).

Over the year ended November 2020, nonfarm employment declined in 50 of the metropolitan areas with a 2010 Census population of 1 million or more, while employment was essentially unchanged in 1 area. The largest over-the-year percentage decreases in employment in these large metropolitan areas occurred in Las Vegas-Henderson-Paradise, Nevada (−10.1 percent); New York-Newark-Jersey City, NY-NJ-PA (−9.9 percent); followed by Detroit-Warren-Dearborn, Michigan; Orlando Kissimmee-Sanford, Florida; Rochester, New York; and San Francisco-Oakland-Hayward, California (−9.3 percent each).

Unconventional Economist

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