Seattle-Tacoma Market Report
Positive Long-Term Outlook Sustained by Headcount Growth at Tech Firms; Metro Faces Uneven Path to Recovery
Employment faces bumpy path to full recovery. As the health crisis unfolded from February through April, 332,800 jobs were shed, increasing the unemployment rate to 15.7 percent from 3.0 percent two months earlier. The rate has since receded to 6.8 percent as of August as more than 47 percent of the jobs lost have returned or been replaced, though the bounce back has been uneven across sectors. The leisure and hospitality sector faces greater hurdles as many retailers, restaurants, and hotels have yet to operate at full capacity.