How has the unemployment rate changed by city in America?

While inflation remains high in the United States, the nation gained 315,000 jobs in August 2022.

WalletHub’s recent report records Changes in Unemployment Rate by City, as a follow-up to its report on the States Where Unemployment Claims Are Decreasing the Most.

The best change in the unemployment rate has been in Haileah, Fla., according to WalletHub. As well as South Burlington, Vermont, Miami, Fla., Burlington, Vermont and Juneau, Alaska. The worst change in unemployment has been in Fort Lauderdale, Fla, followed by Garden Grove, Calif., Salt Lake City, Fremont, Calif. and Bismark, N.D.

An expert provides comment on how the federal interest rate hike might affect unemployment in the U.S.

“If the Fed continues to be more aggressive when raising interest rates, it will have a bigger impact on unemployment,” WalletHub Analyst Jill Gonzalez said in a press release. “The Fed is now projecting that the unemployment rate will rise to 4.5 percent after their latest hike, which would translate to about 1.3 million people losing their jobs. That number won’t be distributed evenly, though, because unemployment for Blacks and Hispanics tends to rise faster than it does for whites during economic turmoil.”

Gonzalez said the current labor shortage was created by layoffs during the pandemic.

“The problem is that only 25 percent of those laid off have returned back to work,” she said. “If the shortage continues, there could be rising wages and even more inflation in the short term. In the long term, it could slow or stop GDP growth and bring about a recession.”

What qualities should unemployed Americans look for in a business?

“Unemployed people can now be a little more picky when it comes to finding a job, since many businesses are in need of workers,” Gonzalez said. “If remote work is important to you, the leverage is there now more than ever to request at least a hybrid work schedule. That being said, recession is coming, so now is the time to become employed. Employees should look for businesses that have long term growth and needs that can outlast the recession.”