Yesterday, we reported that the unemployment rate declined from 8.8% to 8.4% in September remaining well below the 9.6% national rate. This represents the steepest drop since 1976 and brings our rate to its lowest point since May 2009. At the same time, the number of employed people is up by 14,000 and the labor market itself has grown. Also, initial unemployment claims are down from this time last year by 22% (7,901 to 6,124).
- The unemployment rate (Current Employment Statistics) is based on a monthly sample of households, while the job estimates are derived from a monthly sample survey of employers (Current Population Survey). As a result, the two statistics may exhibit different trends.
- The employer survey finds that Massachusetts lost 20,900 jobs in September and revises August to show a loss of 3,000. The spike in jobs losses – both September and August revised – are mostly concentrated in the sub-sector of Accommodation and Food Services (11,200) – likely resulting from the end of a strong tourist season last summer.
- Even with these most recent numbers, with 38,300 new jobs created since January, Massachusetts is still growing jobs at over twice the rate of the nation (1.2% in MA compared to 0.5% nationally).
- Massachusetts ranks 4th in total jobs created since December 2009 (+38,300).
- When all indicators are taken into consideration, Massachusetts continues to lead the nation out of this recession.
Of course, the job market is about people, not numbers. Many people are still looking for a job, and for those people, we will keep working.
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