This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Unemployment Falls Below 7 Pct. In Most US Cities


WASHINGTON (AP) â¿¿ Unemployment rates fell below 7 percent in a majority of U.S. cities in November, suggesting steady job gains are benefiting most parts of the country.

The Labor Department said Tuesday that rates fell in November from October in 215 of the 372 largest metro areas. Rates were unchanged in 33 and rose in 124.

Rates dropped below 7 percent in 192 cities. That's the first time since the recession ended that more than half of large cities had rates below that threshold. And 52 had rates below 5 percent.

Major metropolitan areas with low unemployment rates in November included: Oklahoma City, 4.5 percent; New Orleans, 4.7 percent; Washington, 5 percent; Boston, 5.6 percent; and Phoenix, 6.5 percent.

Nationwide, the unemployment rate ticked down to 7.8 percent in November from 7.9 percent the previous month. That occurred mostly because more Americans out of work gave up looking for jobs and were not counted as unemployed.

Employers added jobs in nearly three-quarters of metro areas in November compared with the same month a year ago. The job gains are compiled from a survey of company payrolls, while the unemployment rates come from a second survey of households.

The drop in unemployment rates will probably be reversed in the coming months because temporary workers hired by retailers, shipping companies and other employers are likely to be laid off. Unlike the national data, the metro unemployment rates are not adjusted for seasonal trends. So they tend to be more volatile from month to month.

There are still pockets of high unemployment, but they are dwindling. In November, 29 cities reported unemployment rates of 10 percent or higher. That's down from 35 in October and much lower than 68 cities a year ago.

Bismarck, N.D. recorded the lowest unemployment rate, at 2.6 percent. The area is benefiting from an oil and gas drilling boom.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs