Unemployment

In a previous post, I reported that the large metropolitan areas with the lowest levels of unemployment in March were New Orleans, Washington D.C., Oklahoma City, Austin, Birmingham, and Phoenix. In April, the order of these 6 cities changed, but they are still the top six. Oklahoma City was the city with the lowest unemployment rate (2.9). Overall, however, the unemployment situation is less than ideal. Of 369 metropolitan areas in the United States, the unemployment rate was higher than a year ago in 261. These unemployment figures, combined with high gas prices, and dropping housing values, may help to explain why consumer confidence is at a 16 year low.

Perhaps nowhere (in the metropolitan United States) has experienced a worse year than Detroit. Detroit had the highest unemployment rate in April, but things look a little bit better than March when the unemployment rate was 7.7. In April Detroit’s unemployment rate dropped to 6.9 percent. Even so, it’s tough times for auto workers.

Maybe Detroit will be consoled tomorrow if the Red Wings win the Stanley Cup.