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DC metro unemployment rate falls to 2.8%

The unemployment rate in the Washington, D.C. metro region fell to 2.8% last month, down from 2.9% in September. (Getty Images/iStockphoto/fizkes)

Unemployment rates in October fell in 240 metro areas across the country, rose in 121 and were unchanged in 28 metros, according to monthly data from the Labor Department’s Bureau of Labor Statistics.

The unemployment rate in the Washington, D.C., metro region fell to 2.8% last month, down from 2.9% in September.

Baltimore’s unemployment rate in October was 3.2%, down from 3.3% in September.

Among metro areas with a population of 1 million or more, Salt Lake City registered the lowest October unemployment rate at 1.9%. New Orleans had the highest big city jobless rate in October, at 4.4%.

Among all metro areas, Ames, Iowa, home to Iowa State University, retained the title of lowest unemployment rate, at just 1.3%.

The agricultural community of El Centro, in Southern California near the Mexican border, had the highest unemployment rate, at 21.2%.

Should you buy a house with cash?

High mortgage interest rates may have you exploring alternative ways of buying your home that don't require a loan. And while the competition for a new home may not be what it was in 2021, for the right home you may still need to work to get a leg up on the competition. If you have the means, an all-cash offer is a great way to fast-track a deal and avoid the additional costs that come with a mortgage. A seller is more likely to accept your offer, and the success of the deal isn't reliant on a lender's OK following an appraisal. You'll also own the home outright after the transaction with no mortgage to pay each month.
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