Massachusetts unemployment drops again, to 7.4% in August

The Executive Office of Labor and Workforce Development reported today that the August total unemployment rate decreased to 7.4 percent, down from 7.6 percent in July, and remaining well below the national rate of 9.1 percent. The August unemployment rate is the state’s lowest monthly rate since February 2009.

However, after adding jobs to the economy in June and July, Massachusetts saw a decrease in the number of jobs reported in August.  Two-thirds of the jobs decrease for August is attributed to the Verizon workers strike that month.

Over the past year (August 2010 to August 2011),Massachusetts  jobs are up 48,000, for a growth rate of 1.5 percent. Massachusetts Private sector jobs are up 52,900, for a growth rate of 1.9 percent with gains in eight of the ten sectors.

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