U-Rate: 3.4%; +4,600; +60,500 YoY
OVERVIEW- According to the Executive Office of Labor and Workforce Development, the state’s total unemployment rate dropped one-tenth of a percentage point to 3.4 percent in November.
- According to the federal Bureau of Labor Statistics, the state added 4,600 jobs in November.
- he state’s unemployment rate was three-tenths of a percentage point lower than the national average of 3.7 percent.
- The state’s Labor Force Participation Rate (LFP) remained at 68.0 percent. Since November 2017, the LFP rate by 2.7 percentage points.
- Trade, Transportation and Utilities added 3,100 over the month and Professional, Scientific and Business Services added 1,700 with Education and Health Services adding 1,200.
- Financial Activities lost 700 jobs over the month with Construction (-500), Other Services (-300) and Manufacturing (-100) also losing jobs in November.
- Two sectors remained unchanged over the month: Government and Leisure and Hospitality.
ANALYSIS
Since January the Massachusetts monthly unemployment rate averaged 3.5 percent. The state continues to enjoy an unemployment rate less than the national rate.
The jobs economy is driven mostly by the state’s Professional, Scientific and Business Services sector, which created 27,600 jobs since last November. However, the Leisure and Hospitality sector shed 800 jobs since that time. Financial Activities only added 700 jobs. Government has lost jobs.
Education and Health Services comprise the largest sector in Massachusetts. (See table above) Over the past 12 months it has added 14,400 jobs.
Assuming the BLS figure of 60,500 new jobs, the state created a monthly average of approximately 5,000 jobs since last November. Northern New England is benefiting from low unemployment rates.
