Employment now exceeds prepandemic levels in half the metro areas served by the Cleveland Fed
Nine of the 18 metro areas served by the Cleveland Fed have recovered all jobs lost since the start of the pandemic, but their recovery lagged well behind other US metros, according to a new report from the Cleveland Fed.
Employment in Fourth District metros grew by 0.7 percent from February 2020 through March 2024, compared with 3.8 percent for all US metro areas during the same period.
Pittsburgh’s 2.1 percent decline ranked second to last among large metro areas nationally, while Cleveland’s 1.0 percent decrease also was in the bottom 10.
Akron, Toledo, and Dayton were in the bottom 10 nationally for midsize metros; Lexington posted a 5.5 percent increase but didn’t make the top 10.
Employment Change, Large and Midsize Metros, February 2020 through March 2024:
- Lexington: +5.5%
- Columbus: +3.7%
- Cincinnati: +2.3%
- Dayton: +0.3%
- Akron: -0.7%
- Toledo: -0.7%
- Cleveland: -1.0%
- Pittsburgh: -2.1%
The full report contains data for many more metro areas nationally, including 10 smaller metros within the District.
Read the District Data Brief: Postpandemic Employment Recovery in Fourth District Metro Areas
Related research: Many Major District Metro Areas Have Yet to Recover to Their Prepandemic Employment Levels
Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.
The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
Media contact
Chuck Soder, chuck.soder@clev.frb.org, 216.672.2798
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Postpandemic Employment Recovery in Fourth District Metro Areas
Employment recoveries have varied significantly among US metro areas since the start of the COVID-19 pandemic. This District Data Brief compares the recoveries for metro areas of different sizes in the Fourth District and across the United States.
Many Major District Metro Areas Have Yet to Recover to Their Prepandemic Employment Levels
Though the nation’s employment levels have recovered from the pandemic, for many metros areas in our region, employment growth remains weak. This suggests that structural factors are limiting progress.