Lexington, Cincinnati, Louisville among best jobs recoveries: Study
LEXINGTON, Ky. (WTVQ) – Despite continued difficult times for many financially, Lexington, Louisville and Cincinnati rank among the top 30 in the country in terms of economic recovery from the pandemic, according to a new analysis.
Overall nationally, the economy gained 916,000 jobs in March, and the national unemployment rate is now 6%, which is 59% below the peak of 14.7% during the height of the COVID-19 pandemic.
To provide more context, WalletHub released Wednesday its report on the Cities Whose Unemployment Rates Are Bouncing Back Most.
Lexington ranks 15th, Cincinnati 24th and Louisville 29th.
This report uses new data from the Bureau of Labor Statistics, which disclosed it erroneously didn’t count some workers on temporary layoffs as unemployed. Therefore, the real unemployment rate may be around 7% higher than reported, and the Wallethub report includes both the official rate and an “adjusted” rate based on this error.
In the Lexington area, the report found:
Change in Lexington-Fayette Unemployment Due to Coronavirus (1=Most Recovered, 90=Avg.):
- 13.46% Change in Unemployment (March 2021 vs March 2019)
- 7,308 unemployed people in March 2021 vs 6,441 in March 2019;
- 18th best recovery in the U.S.
- 24.77% Change in Unemployment (March 2021 vs January 2020)
- 7,308 unemployed people in March 2021 vs 5,857 in January 2020;
- 29th best recovery in the U.S.
- 13.30% Change in Unemployment (March 2021 vs March 2020)
- 7,308 unemployed people in March 2021 vs 6,450 in March 2020;
- 35th best recovery in the U.S.
- 4.30% Official Unemployment Rate (March 2021) (Adjusted Rate*: 4.58%)
- 22nd lowest unemployment rate in the U.S.
*Adjusted for the BLS error that failed to classify some workers on temporary layoffs as unemployed.
To view the full report and your city’s rank, visit: https://wallethub.com/edu/cities-unemployment-rates/73647/
In order to identify where workers have been most affected by the coronavirus pandemic, WalletHub compared 180 cities based on four key metrics — the change in each city’s unemployment during the latest month for which data (March 2021) is available compared to March 2019, March 2020 and January 2020. The review also considered each city’s overall unemployment rate.