May data looks promising, provides hope for region
May’s workforce data shows a slight improvement for our region in the unemployment rate and employment growth. While the job postings continued to dip in May, recent numbers from June show that we are on a path to recovery.
In May our region’s employment numbers increased slightly by 17,400 jobs to 997,300. While this is only 14% of the 125,700 jobs lost to date since the pre-COVID-19 peak, it gives us hope that we can recover from our current state. Similarly, the unemployment rate dropped from 11.3% to 10.8%, a half-percent decrease.
We can only hope that June’s data continues to provide good news for our region as many of the stay-at-home orders were relaxed to allow the economy to operate. The recent surge in new cases, though, puts recent gains at risk.