Nationally, the seasonally adjusted unemployment rate rose to 6.7% in December 2020, from 3.6% a year earlier, according to the Labor Department. Jobless rates in the four Midwest metros rose about half as much, while the rates climbed more in several coastal cities.
Columbus and Cincinnati finished last year with a seasonally adjusted 5.1% unemployment rate. The rate was 4.3% in Indianapolis and 4.7% in Minneapolis. The rates were higher in San Francisco, 7.3%, and Boston, 6.9%. The latter two cities had among the lowest unemployment rates among major metro areas at the end of 2019.
Columbus moved from having a near average unemployment rate in 2019 to having among the nation’s lowest rates for major metro areas late last year. The region, with a population of 2.1 million, is home to Ohio State University, a source of young talent and stability during economic downturns and the area’s largest single employer. The city is also home to the state Capitol and is a major hub for JPMorgan Chase & Co., the largest private employer, with 18,000 workers.
Author(s): Kim Mackrael and Joe Barrett
Publication Date: 20 February 2021
Publication Site: Wall Street Journal