Dallas-based ThinkWhy has released their August US Jobs Report, a top metro labor market rankings as well as insights into the reasoning behind the U.S. Labor Market tanking.
· Delta variant has had a devastating impact on the number of U.S. Jobs added in August at only 235,000 compared to 943,000 jobs added in July.
· Nashville re-entered the top of the LaborIQ Index at number four fueled by population growth and job creation. The Nashville area has been ranked in the top 10 for four consecutive months, as compared to number 46 a year ago.
· Many of the metros in the Gulf Coast area – near New Orleans – are suffering through the aftermath of another devastating hurricane. Recovery is expected to delay to 2024 or later for these metro areas.
· July showed favorable recovery for the leisure and hospitality industry but it has slowed in August. Recovery pushed to 2025 or later.
· For the U.S. to get back to its pre-pandemic employment level by December 2022, an average of 313,000 jobs would need to be added per month.