Unemployment Rate Increases in Most Metro Areas in the US in December
Unemployment rate increased significantly in most metro areas in the US in December as many companies remained reluctant to hire, the Labor Department said on Tuesday.
Based on records, some 306 out of 372 metro areas posted increase in unemployment.
A new data released by the US Labor Department on Tuesday showed that unemployment rate in most metro areas in the country has increased in December last year, giving signs of slow improvements in the economic activity as many companies remained reluctant to hire.
Based on records, some 306 out of 372 metro areas in the US posted another round of increase in unemployment in December. Some 41 of these areas recorded increase while only 25 posted the same figures.
It will be recalled that jobless rate in the US hit more than 170 areas. Out of the 170, at least 154 said that they continue to see increase in the number jobless while only 48 were able to sustain their losses.
But despite the increase in unemployment, some areas like Detroit continue to see better numbers with the strong demand for automobile pushing through this year. Construction and manufacturing states also posted gains during the same period.
However, Moody’s Economy.com regional economist Steve Cochrane expressed doubt that auto companies will continue to sustain the growth in their respective states as they expect a drop in the figures as the car companies rebuilt their inventories.
“With the slow pace in the economic recovery, there is no guarantee that the high unemployment rate in these states will continue to go up,” Cochrane said.
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