By AZ Business Magazine | AZBigMedia
The employment market continued to recover in August, as the latest jobs report shows that the national unemployment rate has fallen to 8.4%, which is 43% below the peak of 14.7% during the height of the COVID-19 pandemic. To provide more context at the city level, WalletHub today released its report on the Cities Whose August Unemployment Rates Are Bouncing Back Most, as a follow-up to its report on the States Whose Weekly Unemployment Claims Are Recovering the Quickest, along with accompanying videos and audio files.
This report uses new data from the Bureau of Labor Statistics, which disclosed that it erroneously didn’t count some workers on temporary layoffs as unemployed. Therefore, the real unemployment rate may be around 8 percent higher than reported, and the Wallethub report includes both the official rate and an “adjusted” rate based on this error.
