King County Labor Area Summary August 2020by Employment Security Department on September 24, 2020
Reading tips for this month’s report:
If you are looking for good news and the unique emotional boost that can only be delivered by a positive labor market report, I highly recommend that you focus exclusively on the on the month-to-month figures. From this view, you can clearly see a falling unemployment rate, stabilizing initial claims for unemployment insurance, and a boost in the number of local jobs.
If you find yourself drawn to negative news, this report delivers on that front as well. Stay focused on the year-over year figures.
Of course, an accurate picture requires context. This report marks the 6th month since the impacts of Covid-19 started showing up in the local labor market. In the past 6 months, we have experienced an exceptionally swift economic decline, including the highest unemployment rate and deepest loss of jobs on the local record, but we’re collectively beginning to figure out what we’re up against and finding ways to move ahead. When I read the year-over-year numbers, I am humbled by the extent of the damage, with the acknowledgement that this is only a couple of many critical metrics. When I read the month-to-month figures, I am encouraged by the innovation and resilience of businesses and local community.
Here is the link to the full report: King County labor area summary for August 2020
Stay safe and be well
Anneliese Vance-Sherman, Ph.D.
Regional Labor Economist
Employment Security Department