Seattle Unemployment Rate

Seattle Unemployment Rate Seattle Unemployment Rate Seattle Unemployment Rate According to the Bureau of Labor Statistics (BLS), Seattles 2014 unemployment rate hovered around 4 percent, moving from 5.6 percent in January and finishing at 4.9 percent in December. Seattles December 2014 unemployment rate was significantly lower than the national unemployment rate of 5.6 percent for the same period. Locally, the BLS also reported that Seattles December 2014 rate was lower than that of any Washington area city unemployment rate, including: Vancouver 5.8 percent Bellingham 6.4 percent Olympia 6.5 percent Spokane 7.6 percent Longview 8.9 percent Yakima 10.8 percent Seattle Unemployment, Post-Recession Although it did not emerge unscathed, Seattle weathered the 2008 recession far better than other major cities and better than the country as a whole. Prior to the recession, Seattles unemployment rate was around 3.5 percent, the lowest it had been in decades. During the Great Recession, Seattles unemployment rate spiked, but not nearly as drastically as those of other Washington cities and the U.S. in general. For instance, the U.S. unemployment rate was 9.7 percent in October 2009. At the same time, Seattle had an unemployment rate of 8.6 percent, compared with Portlands 10.3 percent and Spokanes 9 percent. In mid-2011, Seattles economy began to rally and unemployment rates started declining steadily. Seattles December 2014 unemployment rate of 3.9 percent was the lowest it has been in almost seven years, a strong indication that the citys post-recession recovery is complete. The unemployment rates for the past several years demonstrate the turnaround that Seattles labor market has made. In December 2011, the unemployment rate had dropped to 6.7 percent, down from the recession high of 8.9 percent in January 2010. By December 2012, Seattles unemployment had fallen over 3 percent to 5.2 percent. In December 2013, the unemployment rate approximated pre-recession levels at 4.4 percent. Furthermore, according to the BLS, Seattle had one of the highest 2014 job growth rates in the country at 2.9 percent. The Role of Local Industries The local industries that comprise Seattles uniquely diversified economy have helped the city withstand recent economic vicissitudes. The trade, transportation, and utility sector is the largest source of employment in Seattle; this industry continues to experience solid employment growth. In 2014, the BLS reported that the sector saw job growth of more than 4 percent. Similarly, Seattles second-largest sector, professional and business services, has remained strong with 2014 job growth of 4.4 percent. The leisure and hospitality sector has also experienced consistent growth, with the number of jobs available growing by 4.6 percent in 2014. On the down side, a few Seattle industries have fallen on hard times in the last few years, significantly contributing to local unemployment. Only two sectors experienced zero or negative job growth in Seattle in 2014 mining and logging (no growth) and financial activities (-0.3 percent growth). The manufacturing and government sectors have also experienced unusually slow employment growth of 1.9 and 1.6 percent, respectively. During the recession, Seattles manufacturing companies were forced to shed jobs to stay afloat, and the current growth rate reflects the aftermath of those cuts. Looking ahead, job growth in professional and business services, healthcare, and leisure and hospitality appears promising. Professional and business services experienced growth of about 3.7 percent in 2014, one of the highest rates for any Seattle sector. Likewise, healthcare continues to boom in Seattle, contributing nearly 100,000 jobs and about $10 billion to the citys economy. The sector is expected to expand rapidly as more people become insured and the population ages. Finally, Seattles leisure and hospitality is expected to do well in coming years as visitors flock to the coastal, mountainous terrain. In June of 2014 alone, the leisure and hospitality sector added 1,900 jobs to the citys economy. A key measure of labor supply, the unemployment rate is defined as the percentage of the total labor force that is unemployed but actively seeking employment and willing to work. Use the links below to see unemployment trends from the 28 major metropolitan markets: Atlanta Detroit New York City San Francisco Boston Houston Philadelphia Seattle Chicago Los Angeles Pittsburgh Washington, D.C. Dallas Related Resources Post a Job: Seattle