Market Overview

Where Is The Best Place To Land A Job This Year?

Where Is The Best Place To Land A Job This Year?

The unemployment rate in the U.S. has dropped to just 3.7 percent, its lowest level in nearly two decades.

Some U.S. job markets are much better than others, according to a new study by the Bureau of Labor Statistics.

Whether you’re a recent college graduate looking for the best places to launch a career or an experienced professional looking for a better opportunity, here’s a look at some of the nation's best job markets.

Employment Rates

If you’re simply looking to put food on the table or get your foot in the door, the local employment rate is a good measure of how easy it is to earn a living in a given city. The lower the unemployment rate, the more likely it is that there’s a local labor shortage, theoretically creating more opportunities for new hires.

Minneapolis, Minnesota has the lowest unemployment rate of any major city in the country at just 2 percent, according to the Bureau of Labor Statistics. Minneapolis is followed by Boston, Massachusetts and San Jose, California, both of which have an unemployment rate of only 2.4 percent.

Job seekers might also want to consider how fast the unemployment rate is falling. Minneapolis’ rate dropped by 0.5 percent in the past year, but that rate is nowhere near the sharpest decline. The Buffalo, New York unemployment rate dropped 1.5 percent in the past year from 5.2 percent to just 3.6 percent, suggesting the talent pool is drying up fast. Rochester, New York, also saw its unemployment rate drop by 1.5 percent from 4.9 percent to 3.4 percent. The Hartford, Connecticut unemployment rate fell 1.1 percent from 4.1 percent to just 3 percent.

Job seekers should be mindful of which cities to avoid. The highest nationwide unemployment rate goes to Cleveland, Ohio and Las Vegas, Nevada. both of which sit at 4.4 percent. New Orleans, Louisiana and Los Angeles, California follow at 4.2 percent.

Other Factors To Consider

Of course, how easy it is to get a job is only one factor to consider when seeking employment.

WalletHub recently used the government data mentioned above and combined it with other criteria, such as the number of job openings per capita, average starting salary, cost of living and job satisfaction.

WalletHub then combined all of its factors into a total score. The following are the cities that topped the list of best places to find a job:

  • Scottsdale, Arizona (job score 66.5)
  • Columbia, Maryland (65.7)
  • Orlando, Florida (64.7)

The three lowest-scoring cities were:

  • Fayetteville, North Carolina (36.9)
  • Las Cruces, New Mexico (38.8)
  • Newark, New Jersey (39.1)

Related Links:

Economists React To Blowout December Jobs Report

9 Financial Steps Every College Graduate Should Take Immediately

Posted-In: Bureau of Labor Statistics WalletHubEducation Economics General Best of Benzinga


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