Unemployment Shrinks Under 3 Percent For A Growing Number Of Metros

February 8, 2016

Here's some good news for anyone looking for a job: In many metro areas, unemployment rates have fallen to below 3 percent. According to The Wall Street Journal there are now twice as many metro areas with unemployment rates under 3 percent as there were a year ago.

With an influx of nearly 58,000 workers, the number of metro areas with jobless rates under 3 percent has grown to 25, and their combined labor force has grown to 4.33 million. But the same can't be said for everywhere. As of December 2015, there are still 12 metro areas with unemployment rates of at least 10 percent.

Part of the problem in these areas is declining geographic mobility. Without the means or ability to move to an area that's more economically prosperous, it's difficult for those who find themselves in a bad situation to improve upon it.

Read more