The national unemployment rate currently stands at 3.6%, an increase from 3.4% one year ago. However, real-time evaluations of the job market necessitate local data. For instance, in October, the unemployment rate was highest in El Centro, CA, with 19.3% and lowest in Bismarck, ND, showing only 1.4% jobless individuals.

In examining further, El Centro, CA, Visalia, CA, and Merced, CA, were the places with high unemployment rates standing at 19.3%, 9.6%, and 7.8% respectively. On the other hand, Fargo, ND, Burlington, VT, and Grand Forks, ND showed strong job markets with rates as low as 1.5%, 1.6%, and 1.6%.

Unemployment data can serve as significant indicators for overall economic health, providing insight on part-time and temporary workers, discouraged workers, and job seekers. The Bureau of Labor Statistics (BLS) uses the Local Area Unemployment Statistics Estimation Methodology (LAUS) to calculate unemployment rates across different geographical areas. These calculations result in the estimation of the civilian labor force, employed people, unemployed people, and the unemployment rate.

However, the unemployment rate only represents individuals aged 16 and over, who are jobless and have been actively seeking employment. Those who have not looked for work over the last four weeks are no longer deemed unemployed.

The fluctuation in the unemployment rate is impacted by some key variables such as change in inflation, job resizing, and mergers which contribute to the natural rate of unemployment. A healthy economy generally witnesses an unemployment rate between 3% and 5%. When unemployment is low, it often leads to an increase in workers’ pay, catalyzing consumer expenditure. However, excessive circulation of money can result in inflation.