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Unemployment rate falls in DC metro area

Unemployment rates in 224 metropolitan areas — including the D.C. area — fell in August.

The Washington area’s unemployment rate in August was 3.2%, down from 3.3% in July and from 3.4% a year ago.

The D.C. metro area’s unemployment rate remains among the lowest; the lowest unemployment rate among cities with a population of 1 million or more is 2.6%, shared by Birmingham, Boston and Denver.

Among all metro areas, Portland, Maine, had the lowest unemployment rate at 1.7%.

The nation’s highest metro unemployment rate in August was in Yuma, Arizona, at 23%.

The unemployment rate rose in 132 metro areas and were unchanged in 33.

The Labor Department will report the national unemployment rate for September on Friday; it’s expected to remain unchanged since last month’s 3.7%.

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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