The unemployment rate in Massachusetts dropped to 2.9 percent in November, falling from 3.3 percent in October and marking the first time it has been below 3 percent since January 2001. Employers added 5,800 jobs in November — 3,800 of which were in government, while more than 1,000 jobs were added in each of the following three industries: construction, financial activities, and professional, scientific and business services.
Nationally, the unemployment rate is 4.6 percent.
The tight labor market has created a talent shortage locally and is prompting Massachusetts employers to move quickly through the hiring process. PSG advises employers to stay in touch with what is going on in the market and develop a clear picture of their talent needs. Organizations that begin the recruitment process when they are unsure of the role or unprepared to move quickly risk wasting time and even hurting their employer brand. For more advice on how to operate efficiently in the current job market, reach out to a PSG rep today for a consultation!
The unemployment rate in Massachusetts fell for the fourth consecutive month, from 3.6 percent in September to 3.3 percent in October, the lowest rate since 2001.
With a gain of 1,700 positions, the professional, scientific and business sector added more jobs in October than any other industry tracked by the government. Several of the state’s industries experienced job losses, however, including education and health services; trade, transportation and utilities; leisure and hospitality; and financial activities.
The job losses could be an indicator that employers are not adding jobs because they cannot find the talent to fill them. Massachusetts is currently at full employment.
Nationally, the unemployment rate is 4.9 percent.
The Massachusetts unemployment rate fell again, from 3.9 percent in August to 3.6 percent in September, the lowest level it has been since June 2001.
Massachusetts employers created 5,100 jobs in September with the biggest gains coming in education and health services, leisure and hospitality and manufacturing, according to the state’s Executive Office of Labor and Workforce Development.
“The rate has fallen dramatically in the last two months, 0.3 percent this month, and 0.2 percent the month before,” Ronald L. Walker II, the state’s secretary of labor and workforce development, said in a statement. “While these are preliminary estimates, this is very good news for the Commonwealth.”
Massachusetts’ unemployment rate is lower than the national rate of 5 percent.
News that Massachusetts’ unemployment rate is at the lowest point since 2001 follows a trend that we’ve been experiencing for several years now. The unemployment rate has been decreasing, especially among workers with college degrees in professional roles, as the economy has continued to get healthier.
While this news excludes other trends, such as the number of workers who are in jobs that they actually like or those who are working part-time when they’d prefer to be in a full-time position, it is trend in the right direction. Another positive trend includes the recent news that wage growth hit 2.6 percent for the past year, the highest level since the Great Recession. Job and wage growth are signs that employers are feeling confident and investing in the economy.
What does this mean for employers? As many Boston firms know, hiring talent when unemployment rates are low means being flexible, acting quickly, and staying focused. It’s also important to focus on retaining existing staff and to make sure you are on top of staff development and promotions to reduce the risk of losing people. PSG is proud to help clients meet their recruiting and hiring goals in this challenging market.
According to the Executive Office of Labor and Workforce Development, Massachusetts added 7,300 jobs in July 2016 and saw its unemployment rate fall a tenth of a percentage point to 4.1 percent.
July estimates show 3.4 million Massachusetts residents were employed and 146,100 were unemployed, for a total labor force of 3.6 million. At 4.1 percent, the seasonally adjusted unemployment rate is down 0.7 percent over the year from 4.8 percent in July 2015. Over the year, the labor force participation rate has increased 0.1 of a percentage point compared to July 2015.
Nationally, the unemployment rate is 4.9 percent.
The Massachusetts unemployment rate remained at 4.2 percent in June for the third consecutive month, according to data released by the Executive Office of Labor and Workforce Development and by the Bureau of Labor Statistics.
Massachusetts added 16,400 jobs in June for a total of 48,100 jobs added in the first half of 2016. Some of the jobs reflect the settlement of the Verizon strike, the state has said. Over the year, from June 2015 to June 2016, the state added 67,300 jobs.
In Massachusetts, there were 25,000 fewer unemployed people and 49,600 more employed persons in June 2016 compared to June 2015.
The Massachusetts unemployment rate remains lower than the national rate of 4.9 percent.
At this halfway point in 2016, we took a look at key data points from the second quarter. We found:
- The Massachusetts unemployment rate dropped to 4.2 percent in both April and May, the lowest it’s been in 15 years.
- Labor force participation rate in Massachusetts — defined as “the total number of residents 16 or older who worked or were unemployed and actively sought work in the last four weeks” remained at 65 percent.
- The Massachusetts U-6 unemployment number, which counts those working part-time who would rather work full-time and those who have stopped looking for jobs, is 9.6 percent, according to the Bureau of Labor Statistics.
- The national unemployment rate remained below 5 percent, the lowest it’s been since 2008.
- However, the pace of adding jobs to the economy has definitely slowed. The BLS announced that only 38,000 jobs were added to the national economy in May, compared with the more than 200,000 jobs that had been added on average each month since January 2013. (Some special factors, such as the Verizon strike, account for some of those jobs.)
- In its latest Beige Book report (based on readings from the 12 Fed regional banks that were collected before May 23), the Federal Reserve reported that while employment grew only modestly since its last report, “tight labor markets were widely reported” in most areas and that employers across the country were having a harder time finding workers to fill jobs. Wages were up modestly, especially in areas where workers were in high demand.
- Massachusetts’ economy is the fourth best in the country, according to a recent report from WalletHub. The report uses data from 2013 until 2016 to compare states across three key metrics that include economic activity, economic health and innovation potential. Massachusetts ranked first among states with the largest percentage of fast-growing firms and the percentage of jobs in the high-tech industries. Massachusetts was 19th on the list of states with the lowest unemployment rate (4.4 percent) and ranked 15th in the nation in terms of GDP growth (2.3 percent).
According to the Executive Office of Labor and Workforce Development, the unemployment rate in Massachusetts held at 4.2 percent in May, the lowest rate Massachusetts has seen in 15 years.
Statistics show Massachusetts lost 6,400 jobs in May, which the state is blaming on the Verizon strike. Labor and Workforce Development Secretary Ronald L. Walker, II said: “The labor force continues to grow, with 7,000 more employed residents and 2,000 fewer unemployed residents in May. Eduation and health care, and professional, scientific and business services sectors continue to generate the most jobs in the Commonwealth.”
Nationally, the unemployment rate dropped to 4.7 percent in May.
The Massachusetts unemployment dropped to 4.4 percent in March, down from 4.5 percent in February, according to the Executive Office of Labor and Workforce Development.
According to the state, there are 155,800 unemployed residents in Massachusetts, out of a labor force of nearly 3.6 million Massachusetts residents.
The state added 6,900 jobs last month, with the largest gains occurring in the construction industry, according to preliminary job estimates from the Bureau of Labor Statistics.
Nationally the unemployment rate is 5 percent.
Massachusetts’ unemployment rate remained at 4.7 percent in December, according to a report today from the State’s Executive Office of Labor and Development. Massachusetts added 7,100 jobs in December for a total of 73,800 over the past year.
December’s job gains occurred in the Education and Health Services; Professional, Scientific, and Business Services; Information; Construction; Manufacturing; Financial Activities; and ‘Other Services’ sectors.
Nationally, the unemployment rate is 5 percent.