Mass. unemployment drops below 3%, bucking national trend
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Workers at a Workbar co-working space in Woburn
The Massachusetts unemployment rate for May fell to 2.8%, down 0.3 of a percentage point from April. This is the third month in a row that the unemployment rate has decreased, and the first time it has dipped below the 3.0% percent mark in 2023, according to the state Executive Office of Labor and Workforce Development.
The statewide unemployment rate 0.9 percentage point below the national rate of 3.7 percent reported by the U.S. Bureau of Labor Statistics, according to a Friday press release from the EOLWD. In April, the Massachusetts unemployment rate was 0.1% lower than the national average.
Nationally, the unemployment rate to start the year was 3.4%, but it is now up 0.3%. Massachusetts has seen unemployment fall 0.7% since January, which is down nearly a full percentage point from this year’s high of 3.7% in February.
Some 9,200 fewer residents were unemployed in May as compared to April, according to the release, and 5,400 more residents were employed. Employment now stands at 3,765,700 statewide.
Massachusetts has gained more than 700,000 jobs since the employment low in April 2020.
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