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IRVINE, CA-The Bureau of Labor Statistics' July metro-area data shows continued job growth across the nation, according to Julie Zisfein, senior associate and economist with Auction.com Research. Zisfein says the BLS employment data results were on par with the month prior, as 42 of 52 metros saw payrolls rise in July.

“Zooming out, the picture gets more encouraging, as just five metros have seen employment fall over the last three months while only two remain flat,” Zisfein adds. “There are only five metros with lower payrolls than six months ago, and only Cleveland has seen employment fall from a year ago.”

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The Maximus Advisors Acceleration Index, which measures the depth of economic growth or contraction across metros, improved form June, crossing into positive territory for the first time in five months, Auction.com reports. A total of 23 metros are currently posting negative momentum, meaning that while they may have added jobs, their growth is slowing. This is six fewer metros with negative momentum than last month, a step in the right direction, the firm reports.

The jump above the crucial zero mark allays Auction.com's concerns to some extent regarding a slowdown in employment growth, as more metros—29 of them—posted positive momentum. But some markets fared considerably better than others. Minneapolis, for example, continued leading the Midwest region in July and leads all metros in employment growth over the past three months, with growth of 2.2% over that time period. On the other hand, the DC area continues to underperform, as federal fiscal pressures are impairing the local economies, the firm reports.

Portland has been posting impressive job gains, topping the six-month growth chart among major metro areas and adding 4,000 jobs in July, a 0.4% jump over the past three months, 2.2% over the past six and 2.4% over the past year. The area's economy has picked up momentum over the past three months, adding 4,000 jobs or more in each month since May.

However, Cleveland's economy remains “a disaster,” according to the firm. While most of the other long-struggling metros have gained traction on their road to recovery, Cleveland lags behind.

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The new BLS metrics are more encouraging than data released earlier this month. As GlobeSt.com reported in early August, Auction.com Research reported that July's national unemployment rate fell short of expectations, prompting economists to entertain the idea of a possible slowdown in job gains during the second half of the year. The BLS reported that June's employment gain was revised slightly lower, and July's gain measured just 162,000.

Do you agree that Cleveland's economy is a “disaster”? Leave your comments in the box below, and look for our national poll on the subject. Also, watch for updates on this story in various markets throughout the country on GlobeSt.com.

For more insight on online auctions and macroeconomic indicators on GlobeSt.com, check out Auction.com's page, which provides Thought Leadership positions on a variety of commercial real estate-related issues.

Instant Insights /

Report: Employment Picture Brightens

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