Where the jobs are since the onset of the Great Recession

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Massachusetts Employment Situation: November Jobs +6,700; U-Rate: 3.6%

OVERVIEW

• According to the Executive Office of Labor and Workforce Development, the state’s total unemployment rate dropped to 3.6 percent in November from 3.7 percent in October.
• From November 2016 to November 2017, the U.S. Bureau of Labor Statistics estimates Massachusetts has added 65,200 jobs.
• In November, the Leisure and Hospitality sector lead the way in job creation by adding 4,200 jobs over the month.  
• The Education and Health Services sector the Construction sector each added 2,800 jobs.
• The Professional, Scientific and Business Services, which has gained the most jobs year over year (+19,500), gained 2,400 jobs in the past month.
• Manufacturing added 1,600 jobs while the Information, Financial Activities, Other Services and Trade Transportation and Utilities sectors lost jobs. Of the private sector categories, only the Information sector lost jobs year over year.  
• Government (Federal, state and local) which has shed 3,500 jobs since last November lost 600 jobs.
• The EOLWD noted that the state’s labor force participation rate decreased one-tenth of a percentage point to 65.4 percent over the month. However, the LFP rate increased by 0.7 percentage point since November 2016.

ANALYSIS

The state’s unemployment rate 3.6 percent continued to remain lower than the national rate (4.1 percent). “Year-to-date the jobs and labor force estimates indicate a strong and stable economy in the Commonwealth.  November also marks the 13th consecutive month of private sector job growth, " remarked Labor and Workforce Development Secretary Rosalin Acosta. 

The labor force participation rate, the share of working-age population employed and unemployed, was 65.4 percent with 63,300 residents entering the work pool.  Only 18,300 of those were unable to find work. The state’s long-suffering manufacturing sector employment picture improved in November adding 1,600 jobs which represent an increase of 2,600 year over year.  The growth is significant since the state specializes in high tech rather than mass-production manufacturing. 

The state's largest sectors Professional, Scientific and Business Services and Education and Health Services rose 3.5 percent and 2.1 percent, respectively. 

The lower-wage Leisure and Hospitality sector, however, is up 3.1 percent. Economists agree the state is at full-employment. Massachusetts. 

The number of workers ages 55 and over declined less in the Bay State than the nation. In other words, the demographic drag is offset by the number of older workers who are postponing retirement. Perhaps due to seasonality, the Other Services sector lost 1,900 jobs in the month but is up 3,900 since last November. 

Which sectors provided the most job growth since January 2007: A 10-year look

Source: Bureau of Labor Statistics, CES Series

Last Friday, the Bureau of Labor Statistics reported the U.S. economy created 156,000 jobs in August 2017, a number below economists' consensus estimates. The unemployment rate "was little unchanged" according to the BLS, but actually ticked upward to 4.4 percent. Major job gains emerged in manufacturing, construction, professional and technical services, health care and mining. How have these sectors fared since the peak before the Great Recession, which began in December 2007 and ended in June 2009? How does Friday's snapshot relate to longer term trends? 

The decline in manufacturing jobs in the United States has trended downward over the decades. Few workers are producing more output. The interesting takeaway from this chart is the decline in construction jobs. Despite the uptick in the economy, construction jobs are down 800,000 since January 2007.  The high-paying education and health services and professional the business services added more than two-thirds of the decade long gain to total non-farm employment. Less impressive is the gain in the generally lower paid professions of leisure and hospitality which added 2.6 million since January 2007. 

Massachusetts adds 3,900 jobs in April 2017 as unemployment rate ticks up to 3.9 percent

OVERVIEW

• In its preliminary estimates, the Bureau of Labor Statistics suggests that Massachusetts added 3,900 jobs in April. The job gains over the previous month (March 2017) occurred in Professional, Scientific, and Business Services; Education and Health Services; Trade, Transportation, and Utilities; Other Services; Information; and Manufacturing.
• The state’s labor force participation rate increased to 66.5 percent from 65.9 percent with an increase of 33,000 entrants into the job market.
• Government lost 1,000 jobs in April but since last year the sector has added 7,700 jobs or 1.7 percent.

ANALYSIS 

• More workers are coming off the sidelines to enter the job market. The state’s unemployment rate for April 2017 increased only because the labor force saw an increase of 33,000 workers or 1.5 percent since last year. This represents a healthier view of full employment. The unemployment rate of 3.9 percent is still lower than the national rate of 4.4 percent. Since April 2016, the Administrative & Support, Waste Management, and Remediation sector added 7,000 jobs, the percentage leader at 3.9 percent. The Health Care and Social Assistance subsector continues to grow adding 18,300 jobs — at a 3.0 percent clip. Education Services has remained flat adding zero jobs while the Arts, Entertainment and Recreation subsector lost 1,300 jobs. Local government remains a strong jobs generator with 5,800 jobs. Despite well-known struggles, the Retail sector added 4,100 since last April.

A brief analysis of last week's Massachusetts jobs report

My analysis of last week's MA Jobs Number and URate.