The Cleveland Federal Reserve Bank has released a report indicating that employment levels have returned to pre-pandemic figures in half of the metro areas it serves. The Fourth Federal Reserve District, which includes Ohio and parts of Pennsylvania, West Virginia, and Kentucky, saw nine out of 18 metro areas recover all jobs lost since the pandemic began. However, this recovery has been slower compared to other US metro areas.

From February 2020 through March 2024, employment in the Fourth District metros increased by 0.7 percent. In contrast, employment across all US metro areas grew by 3.8 percent during the same period. Notably, Pittsburgh experienced a 2.1 percent decline in employment, ranking second to last among large metro areas nationwide. Cleveland also saw a decrease of 1.0 percent, placing it in the bottom ten.

Midsize metros such as Akron, Toledo, and Dayton were also among the bottom ten nationally for employment growth during this period. Lexington showed a 5.5 percent increase but did not rank in the top ten.

The full report provides data on additional smaller metros within the district and highlights that many major district metro areas have yet to return to their pre-pandemic employment levels.

The Cleveland Fed is one of twelve regional Reserve Banks forming part of the Federal Reserve System alongside the Board of Governors in Washington DC. It plays a role in formulating national monetary policy and supports banking organizations while providing services to financial institutions and the US Treasury.

With branches in Cincinnati and Pittsburgh, the Cleveland Fed serves an area covering Ohio, western Pennsylvania, eastern Kentucky, and northern West Virginia.

Chuck Soder can be contacted for more information at chuck.soder@clev.frb.org or by phone at 216-672-2798.