Fourth District Employment
The Fourth District’s unemployment rate was 5.7% in July, up sharply from 5.1% a month earlier. Although the District is still below its recent peak of 6.5% in June 2003, the jump of 0.6 percentage point (pp) is its largest one-month increase on record. By comparison, the U.S. unemployment rate was 4.8% in July, up 0.2 pp from June. Over the month, the District’s employment fell 0.4%, the labor force increased 0.1%, and unemployment rose 11.5%.
Suggested citation: “Fourth District Employment,” Federal Reserve Bank of Cleveland, Economic Trends, no. 06-09, pp. 14, 09.15.2006.