Briefing: Unemployment Picture
While the state is clearly not out of the woods yet, the jobs picture is certainly looking up in Massachusetts. The statewide unemployment rate in September fell at the sharpest rate since January 1976.
Where does unemployment stand?
As of September, the unemployment rate in Massachusetts was 8.4 percent. That’s down more than 4.5 percent from the rate recorded for August (8.8%). The unemployment rate peaked at 9.5 percent in January and February of this year. September’s rate is the lowest level recorded in the last 16 months.
How does the Bay State compare to other states?
The September unemployment rate of 8.4 percent is well below the 9.6-percent national rate. Nevada (14.4%), Michigan (13%) and California (12.4%) have the highest unemployment rates in the nation. South and North Dakota have the lowest rates in the nation (4.4% and 3.7% respectively).
How does the current unemployment rate compare with historic levels?
The state has unemployment data going back to 1976, which also happens to be one of the worst years for unemployment. At that time, the unemployment rate was 11.1 percent. The lowest rate on record was in the fall of 2000 when rate stood at just 2.6 percent.
What regions in Massachusetts have seen the most job growth?
The New Bedford region added 1,700 jobs from August to September, a 2.7 percent increase. That was the strongest growth of any area on the state. The Barnstable region performed the worst, losing 8,900 jobs, or 8.3 percent of its workforce. The Worcester region added 3,200 jobs, an increase of 1.4 percent.
What industries are adding the most jobs?
The financial activities sector added 1,300 jobs (+0.6%) from August to September, the largest monthly gain of any industry tracked by the state. By contrast, the hospitality sector lost 1,500 jobs (-3.6%). Government lost 2,200 jobs (-0.5 percent), led by 1,400 cut backs in federal and local governments. State government actually gained 400 jobs during the month.
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