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Seattle-Area Unemployment at Late 2008 Levels

Posted on April 3, 2014April 3, 2014 by The Tim

Let’s have a look at the jobs data for February and how the Seattle area’s unemployment rate and approximate labor participation rate alongside the national numbers.

Unemployment & Labor Participation

In February the Seattle area’s unemployment rate hit its lowest level since September 2008 at 5.1%. The national unemployment rate is still a bit higher at 6.7%, also roughly on-par with late 2008 levels.

The Seattle-area labor participation inched up in February to 70.0%. The national labor force participation rate was steady at 63.0%. Since 2011 the Seattle-area labor participation rate has held relatively steady, while the national level has fallen about a point.

For reference, in 2006 when everyone imagined the economy to be in great health, the local unemployment rate averaged 4.3% and the labor participation rate averaged 69.5%.

Here’s a look at the local and national unemployment rates with Washington’s statewide rate thrown in as well.

Seattle-Area Unemployment Rate

Washington as a whole is trending much more closely to the national levels.

Next week we’ll look at how specific job sectors are performing in the Seattle area.

Sources:

  • Seattle Unemployment: Washington State Employment Security Department
  • US Unemployment: Bureau of Labor Statistics

Seasonally adjusted series used for all data sets.

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Seattle Employment Still Outperforming Nation
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Seattle Unemployment at 6-Year Low in June

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