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Unemployment Price Ticks As much as 2.8%
Massachusetts has misplaced jobs two months in a row and the unemployment fee right here ticked as much as 2.8 % in October, state labor officers introduced Friday.
Whereas the unemployment fee nonetheless stays close to a roughly 50-year low and is 1.1 share factors decrease than the nationwide fee, Massachusetts employers have misplaced 3,400 jobs during the last two months — 2,600 misplaced in September and one other 800 misplaced in October, the Government Workplace of Labor and Workforce Growth stated, citing Bureau of Labor Statistics estimates.
The labor drive participation fee, which represents the share of the residents 16 years outdated or older who’re both employed have actively sought employment within the final 4 weeks, elevated by one-tenth of a share level in October and stands at 64.5 %, down from 64.8 % one 12 months in the past.
LWD stated Bay State employment now stands at 3,782,700 — up by 77,100 jobs from October 2022 and 721,100 jobs for the reason that employment low in April 2020. The sectors which have seen the biggest over-the-year beneficial properties are schooling and well being providers; skilled, scientific, and enterprise providers; and building.
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