Best US cities for Global Trade1/31/2024 ![]() ![]() As such, current unemployment rates vary widely across the country, ranging from less than 3% to more than 10%. Some cities and states have been affected more than others depending on local economic factors. Following this unprecedented decline, employment increased sharply in May of last year, but since then, the recovery has slowed with current employment far below pre-pandemic levels. Following the initial COVID-19 shutdowns, GDP has been recovering quickly as economic activity resumes, and is projected to return to its pre-pandemic level later this year.Īlongside the broader economic contraction were massive job losses: nonfarm employment initially dropped by 20.5 million in the early stages of the pandemic. In comparison, real GDP fell by less than 9% annualized in 2008 during the Great Recession and took several years to recover. In the spring of last year, real gross domestic product (GDP)-a measure of economic activity used to track the health of the country-fell by a record annualized rate of 31.4%, the sharpest contraction in modern U.S. According to the Bureau of Labor Statistics, nonfarm employment has grown by 1.5% from January to May, and the unemployment rate is now 5.9%, well below the high of 14.8% seen in April 2020. Consumer spending (fueled by savings and government stimulus money) is strong, the economy recently added the most jobs in nearly a year, and the housing market is booming. economy has made a remarkable comeback from the deep dive caused by the pandemic. metros experiencing the most economic growth in 2021. According to the Bureau of Labor Statistics, nonfarm employment has grown by 1.5% from January to May.īased on these metrics, Utah and Florida are the two states with the most economic growth this year. ![]()
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