{"id":138,"date":"2013-02-01T13:14:30","date_gmt":"2013-02-01T21:14:30","guid":{"rendered":"http:\/\/careersingovernment.com\/tools\/?p=138"},"modified":"2014-04-22T20:36:45","modified_gmt":"2014-04-23T03:36:45","slug":"how-to-be-an-educated-consumer-of-metro-area-employment-data","status":"publish","type":"post","link":"https:\/\/www.careersingovernment.com\/tools\/gov-talk\/about-gov\/how-to-be-an-educated-consumer-of-metro-area-employment-data\/","title":{"rendered":"How to Be an Educated Consumer of Metro Area Employment Data"},"content":{"rendered":"

\"government_job_websites\"<\/a>Every month, the U.S. Bureau of Labor Statistics (BLS) releases its report on employment and unemployment rates in the nation\u2019s 372 metropolitan areas.\u00a0 Along with other economic indicators, these figures can tell a lot about a local area\u2019s economic health \u2013 particularly for job seekers.<\/p>\n

But as with any type of statistics, it is important to be an educated consumer when considering these numbers.<\/p>\n

Remember the theory of relativity<\/em><\/strong><\/p>\n

In September, for example, El Centro, California and Elkhart, Indiana experienced the largest annual decline in unemployment, dropping by 3.1 percent and 3.0 percent, respectively.\u00a0 Impressive!\u00a0 But before we all pack our bags and move to Elkhart or El Centro in search of jobs, it is important to note that despite this modicum of good news, both of these metro areas have a long way to go given the severity of the economic downturns in their local economies over the past decade.
\nIn fact, while El Centro posted the largest decline in its employment rate, it still retains its dubious distinction as one of the two highest metro areas with the highest unemployment rate in the nation.
\nAnd forgive the obvious, but note that larger areas will require larger gains or losses to yield significant percentage changes.\u00a0 The New York-Northern New Jersey-Long Island, NY-NJ-PA metro area often dominates employment growth rankings by the numbers, but rarely on a percentage basis.\u00a0 It takes much slighter changes in the numbers to impact higher percentage changes in smaller metro areas than in larger ones.<\/p>\n

Understand that sustained trends over time paint the clearest picture<\/em><\/strong><\/p>\n

November BLS data revealed that the Las Vegas-Paradise, Nevada metro area experienced the largest year-over-year unemployment rate decline among large metro areas (populations > one million residents) \u2013 news that certainly bodes well for a city that has faced tough times over the past several years.\u00a0 Over the past year, the Las Vegas metro area experienced a 2.6 percent decrease in unemployment, the biggest decline among large metro areas.
\nHit hard by the recession, Las Vegas has found the need to focus on diversifying its economy. Perhaps this strategy is beginning to work, and is a sign of better roads ahead.\u00a0 While sustained trends over time will reveal the story as it unfolds, Las Vegas\u2019 employment fluctuations will be worth monitoring.<\/p>\n

Bismarck, North Dakota posted the lowest unemployment rate (2.6 percent) among all metro areas in November, but it is no newcomer to that position.\u00a0 Bismarck\u2019s economy strongly benefits from the oil, natural gas, and energy industries, and has demonstrated strength in its employment numbers over time.<\/p>\n

Don\u2019t be fooled: the unemployment rate is not the only game in town<\/em><\/strong><\/p>\n

Unemployment rates make the headlines, but employment growth trends, often overshadowed, can be an equally telling (if not greater) indicator of an area\u2019s economic health. \u00a0In September, the Elkhart-Goshen metro area fared well in job growth as well as in unemployment decline.\u00a0 In fact, it ranked among the top three metro areas for the largest year-over-year percentage gain in nonfarm employment (+8.0 percent).<\/p>\n

Employment growth signals expansion, relocation, or simply putting people back to work.\u00a0 Either way, it is a positive sign for a local economy.<\/p>\n

In addition to unemployment and employment trends, labor force participation rates need to be considered as an important factor in the equation.\u00a0 Have out-of-work, but qualified, age-eligible employees given up on looking for work?\u00a0 Taken early retirement?\u00a0 Dropped out of the workforce to raise a family, pursue a hobby, or volunteer instead?\u00a0 If so, unemployment rates may appear lower than they actually are.<\/p>\n

Together, a balanced view of sustained trends in unemployment, employment and labor force participation rates over time paint the most accurate picture of an area\u2019s economy.\u00a0 Neither Elkhart nor Las Vegas is celebrating an economic victory just yet.\u00a0 But in both cases, a turnaround in a negative trend could signal better times ahead \u2013 and certainly bears monitoring.<\/p>\n

MuniNet Guide provides snapshot views of metro area employment, unemployment and labor force trends, along with comparisons across time and to state and national benchmarks.\u00a0 Visit the\u00a0Employment & Unemployment Trends for U.S. Metro Areas<\/a>\u00a0page for an index of metro areas, listed by state and available for all metro areas.<\/p>\n","protected":false},"excerpt":{"rendered":"

Every month, the U.S. Bureau of Labor Statistics (BLS) releases its report on employment and unemployment rates in the nation\u2019s 372 metropolitan areas.\u00a0 Along with other economic indicators, these figures can tell a lot about a local area\u2019s economic health \u2013 particularly for job seekers. But as with any type of statistics, it is important […]<\/p>\n","protected":false},"author":9,"featured_media":139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_cbd_carousel_blocks":"[]","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13,14],"tags":[36,37],"class_list":["post-138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-about-gov","category-overview","tag-government-data","tag-research"],"acf":[],"yoast_head":"\nHow to Be an Educated Consumer of Metro Area Employment Data - Careers in Govenment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.careersingovernment.com\/newdesign\/tools\/gov-talk\/about-gov\/how-to-be-an-educated-consumer-of-metro-area-employment-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Be an Educated Consumer of Metro Area Employment Data - Careers in Govenment\" \/>\n<meta property=\"og:description\" content=\"Every month, the U.S. Bureau of Labor Statistics (BLS) releases its report on employment and unemployment rates in the nation\u2019s 372 metropolitan areas.\u00a0 Along with other economic indicators, these figures can tell a lot about a local area\u2019s economic health \u2013 particularly for job seekers. 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