A U.S. Bureau of Labor Statistics report indicates that Massachusetts’ unemployment rate fell to 5.6 percent in May, down from 6 percent in April, and the lowest monthly rate in six years. More than 9,000 jobs were added to the Massachusetts economy in May.
The last time the state’s unemployment rate was below 6 percent was in July 2008. The current national unemployment rate is 6.3 percent.
Massachusetts’ unemployment rate fell to 6 percent in April, down from 6.3 percent in March, according to the US Bureau of Labor Statistics. However, while Massachusetts added more than 9,000 jobs in March, the state lost 1,600 jobs in April.
One explanation for the lower unemployment rate and fewer jobs is that people who become discouraged and stop looking for jobs are no longer counted as part of the workforce.
According to the Massachusetts Executive Office of Labor and Workforce Development, Massachusetts added 6,500 jobs in November and saw its unemployment rate dip slightly from 7.2 percent in October to 7.1 percent in November. Currently, the national unemployment rate is 7 percent, making this the first time since 2007 that Massachusetts’ unemployment rate has been higher than the national average.
For more information, see this Boston Globe article.
A new forecast by the New England Economic Partnership estimates that employment in Massachusetts will increase at an average annual rate of 1.4 percent, or about 45,000-50,000 jobs a year, through 2017. The unemployment rate in Massachusetts is projected to decline to 5.2 percent by 2017; it is currently at 7.2 percent.
Read more about the forecast here.
Despite the slow pace of economic growth in Massachusetts and the downturn in hiring we’ve experienced over the past few months, local experts – including PSG President Aaron Green – are optimistic that the economy will regain momentum soon. Read more about the economic indicators and experts’ predictions here.
After strong growth in recent years, the Massachusetts economy has slowed noticeably in 2013. The state Executive Office of Labor and Workforce Development reported the unemployment rate in Massachusetts has risen to 7.2 percent, the highest level in nearly two years. July is the third consecutive month to see the rate rise. State officials also revised jobs figures for June, correcting a previous estimation that 2,800 jobs were added to the economy to show a loss of 2,100 jobs instead.
Nationally, the unemployment rate is improving: the US unemployment rate decreased from 7.6 percent in June to 7.4 percent in July.
Massachusetts’ unemployment rate rose slightly in May, from 6.4 percent in April to 6.6 percent, according to the state’s Executive Office of Labor and Workforce Development. Massachusetts employers increased hiring for the first time in four months, adding 3,500 jobs, but that wasn’t enough for the 9,000 workers reported looking for work.
Nationally, the unemployment rate is 7.6 percent.
According to the Massachusetts Executive Office of Labor and Workforce Development’s most recent jobs numbers, the State’s unemployment rate remains at 6.4 percent. The unemployment rate remains steady, even though Massachusetts employers cut 1,400 jobs last month. April is the third consecutive month that the number of jobs in the state has declined.
Massachusetts’ unemployment rate remains lower than the national average unemployment rate, which is 7.5 percent.
The Massachusetts unemployment rate dropped to 6.4 percent in March, according to the state Executive Office of Labor and Workforce Development. However, officials say the drop was largely due to the more than 6,000 people who stopped looking for work. Only those who actively seek jobs are counted as unemployed by labor officials. Additionally, Massachusetts employers cut 5,500 jobs in March. In the previous month, employers cut 800 jobs, according to revised numbers.
Across the country, unemployment rates fell in more than half the U.S. states in March, even though job growth slowed. Twenty-six states reported lower unemployment rates, 7 states reported higher rates and rates stayed the same in 17 states. Rates fell largely because many of those out of work stopped looking for jobs and were no longer counted as unemployed.
PSG President Aaron Green spoke to the Boston Globe for its annual “Where the Jobs Are” special magazine feature. Aaron was one of several local jobs experts offering advice on where to look and how to land a new job. Read the article here.
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