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The number of unemployed workers in the U.S. also rose from 6.3 million to 7.1 million.
Certain U.S. cities seem to be bound for a worsening job market.
And if youre looking for a new job,check out these high-earning careers.
Detroit
Shirshikov predicted that Detroit will face serious economic challenges in the next few years or so.
In fact, it ranked 175 out of the 182 major cities surveyed.
Cleveland still struggles with population loss and slow private investment, he said.
This has restricted the development of higher-paying jobs.
Shirshikov did note that the healthcare industry could be seeing a bit of a comeback, however.
According toFRED data, the Cleveland-Elyria metro area had an unemployment rate of 3.9% as of August 2024.
Businesses and income have also seen some growth compared to similar cities.
However, a report byGreater Cleveland Partnershipfound that jobs have already become stagnant.
From 2022 to 2023, the annual rate of job growth was just 1.1%.
Neither city has seen significant growth in tech or other industries that would make the job markets stronger.
Theyve also been growing more slowly thansimilar metropolitan areas.
Not all economists fully agree, however.
As for Cleveland, certain sectors are actually growing.
Onereportfound that healthcare, aerospace and manufacturing have contributed to overall job growth in the city.
The logistics and distribution sectors may also be growing.
Other US Job Markets on the Decline
In Q3 2024, theU.S.
Bureau of Labor Statisticsreleased a report about unemployment rates in key metropolitan areas.
While certain sectors may be on the decline, others could contribute to future growth.
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