Jersey Shore Town Among Top American Cities Losing Jobs
OCEAN CITY, NJ (CBS) – Though unemployment dropped to 7.0% in November, the job market remains extremely week in some areas.
That's the takeaway from a new report on 24/7 Wall St., which ranked the top American cities adding and losing jobs.
While areas like Naples – Marco Island and several other Florida regions are adding jobs rapidly, others continue to struggle.
And according to 24/7 Wall St., one of those is Ocean City, NJ. Coming in fourth for job loss, the Jersey Shore town's unemployment rate was a whopping 11.1% in October.
Though 24/7 Wall St. says the "seasonal nature of work in the area" might be partly to blame, the site also says that even accounting for that, Ocean City's job market remains poor.
Still, Ocean City's not the worst off – that would be Decatur, IL, where the unemployment is "persistently high" and the area's labor force continues to shrink.
According to 24/7 Wall St., the rankings were determined by examining the one year change in total non-farming payroll from data published by the Bureau of Labor Statistics for each metro area between October 2012 and October 2013.
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