If jobs are the primary measure of the strength of the American economy, the economy is colossally strong. In May, America added another 253,000 jobs, keeping up a string of muscular job reports that goes back over a year. The unemployment rate is 3.4%, nearly the lowest in five decades.
Some economists believe the jobs numbers are the calm before the storm. The more people have jobs, the more pressure there is on the daily prices of goods and services. That means inflation. Inflation triggers higher interest rates. Higher interest rates slow the economy. A slowing economy means layoffs. Each month experts say this string of events is just around the corner. Every month it is not.
The Bureau of Labor Statistics tracks unemployment rates for cities and states. The data usually lags the national figure by a few weeks. The March data showed that the jobless rate was lower, than a year earlier in 208 of the 389 metropolitan areas, higher in 151 areas, and unchanged in 30 areas,
There was a considerable difference from city to city, compared to the national number. In March, Decatur, AL; Huntsville, AL; and Rapid City, SD, had the lowest unemployment rates, 1.6% each.
The city with the highest unemployment rate was El Centro, California, at 15.6%, over four times the national average. The labor force in the city was 71,396. The number of people out of work was 11,46. The next highest rates were in Visalia-Porterville, CA at 11.3%, and Merced, CA, 11.2%.
El Centro is on the Mexican border, across from Mexicali. One reason for the high jobless rate is that the economy is dominated by agriculture, the employment of which is seasonal. High levels of drought have not helped.
The factors that make the El Centro jobless rates high will not go away, so the number will not change much going forward.
Also read: states with the highest unemployment
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.