90% of US cities saw a rise in year over year unemployment rates in July, according to the BLS. The labor market is weakening.

Unemployment rates increased in 350 out of 389 U.S. metro areas last month, according to the BLS. In 8 major metro areas with over a million residents, fewer people were employed in July 2024 compared to July 2019. Meanwhile, average weekly wages fell in 43% of these regions. Among the 8 highest-paying areas with average weekly wages above $1,400, 5 saw a year-over-year salary drop.

https://preview.redd.it/rx8emu9r8cmd1.jpg?width=796&format=pjpg&auto=webp&s=0a6f9500718771ee5fec479ecf798602f044a0bc

Looks like the “American Dream” just woke up to a nightmare.

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