To determine the strongest job market in the country, the Journal assessed regions with more than 1 million residents on five labor market indicators: the average unemployment rate, the labor-force participation rate, the change in payrolls, weekly wages and the percentage increase in the size of the workforce. Moody’s Analytics provided data for The Wall Street Journal’s rankings. “Coming out of the pandemic, and out of this recession, their edge is probably only going to get larger," said Moody’s Analytics economist Adam Kamins. Some expect the top performers in 2020 to consolidate their gains. in the next 12 months, which would be the best such stretch of job creation on records back to the 1940s. Forecasters surveyed by The Wall Street Journal project about 6 million jobs to be added across the U.S. Some cities that lost a lot of jobs in 2020 likely rebounded with more robust hiring in March, according to a Labor Department report from early April that showed strong national job gains in restaurants, bars, entertainment and hotels. Whether these changes are temporary or lasting is too soon to know. Some of these laggards were more aggressive with their business lockdowns, allowing rival metros with fewer restrictions and lower costs to capitalize on the chaos.
Even once-hot tech hubs of San Francisco, Raleigh, N.C., and Boston suffered declines. The losers were tourist hot spots such as Las Vegas or densely-populated cities such as New York, Los Angeles and Chicago that lost workers as the coronavirus spread. Workers gravitated to these places due to the job opportunities, lower costs and a quieter lifestyle that appealed to some migrants from bigger population centers who were now allowed to work remotely. Some benefited from technology jobs that became even more critical during a time of isolation for many Americans, while others relied on older corners of the economy that were also in high demand.
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