For the fifth consecutive month, unemployment rates in all 372 metropolitan areas were higher on a year-over-year basis, according to last week's BLS Metropolitan Area Employment and Unemployment Summary for May.
Source: WANTED Analytics 2.0
Only two metro areas, El Centro, CA, and Yuma, AZ, reported a jobless rate over 15% in May '08, compared to the 15 identified in May '09. Three metro areas (including two in California) dropped below the 15% level since last month's report, while five areas were added to that list, including areas hard hit by turmoil in the transportation equipment manufacturing sector, such as Flint and Monroe, MI, and Kokomo, IN.
The magnitude of the increases in metro area unemployment rates continues to cast doubt on a reduction in unemployment in 2009: 79 of the 372 metro areas reported an increase of at least 5 percentage points over May '08. The largest jobless rate increases belong to two Indiana metro areas, this time led by Kokomo and followed closely by Elkhart-Goshen. Residents of Kokomo saw an increase in their unemployment rate of 11.7%.
WANTED's Hiring Demand data for those 15 metro areas with at least 15% unemployment for May 2009 shows a decline in available online job ads of 26% from May 2008. In better news, Hiring Demand in May for these metro areas showed an increase of 10% over April 2009.
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July 13, 2009 - www.johnsumser.com
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