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.

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