The state’s July complete unemployment price dropped by two-tenths of a proportion level at 3.5 p.c over-the-month, the identical because the nationwide price, the Executive Office of Labor and Workforce Development stated Friday.
“The low unemployment rate in both MA and the US stand in contrast to the two quarters of negative GDP (Gross Domestic Product) growth nationally,” Michael Klein, a professor of worldwide economics on the The Fletcher School at Tufts University, stated in an e mail. “So this is a time when different economic indicators are pointing in opposite directions.”
The Bureau of Labor Statistics’ preliminary job estimates point out Massachusetts gained 13,500 jobs in July. The largest over the month personal sector job good points had been in skilled and enterprise companies, schooling and well being companies, and different companies.
“This looks good. Employment continues to rise and unemployment to fall,” stated Kevin :Lang, professor of economics at Boston University.
Employment now stands at 3,680,100. Since the employment trough in April 2020, Massachusetts gained 629,100 jobs.
“Massachusetts continues to trend in the right direction as the unemployment rate gradually ticks below the national average. But it is important to remember nearly half of small business owners report job openings they cannot fill right now,” stated Christopher Carlozzi, state director for the National Federationof Independent Business. “Consumers are nonetheless experiencing longer waits in check-out traces, restaurant closures on sure days of the week, and delays for companies whereas employers try and fill open positions in nearly each sector of the economic system.
From July 2021 to July 2022, BLS estimates Massachusetts gained 134,500 jobs. The largest over the 12 months good points occurred in skilled, scientific, and enterprise companies, leisure and hospitality, and schooling and well being companies.
The July unemployment price of three.5 p.c was the identical because the nationwide price reported by the Bureau of Labor Statistics.
The labor power decreased by an estimated 7,500 from 3,773,100 in June, however 8,300 fewer residents had been unemployed over the month.
“There’s no question there is still demand for employees for employers large and small,” stated Jon Hurst of the Massachusetts Retailers Association. “…Inflation is dropping consumer confidence, and forcing purchases to be curtailed as shoppers buy down on their choices. As we enter the all important fall selling season and the 4th quarter, there are clearly concerns on the spending levels for consumers, and the profitability of those serving them.”
The state’s labor power participation price – the whole variety of residents 16 or older who labored or had been unemployed and actively sought work within the final 4 weeks – was down two-tenths of a proportion level at 65.8 p.c. Compared to July 2021, the labor power participation price was up 0.2 proportion factors.
The labor power was up 8,300 from the July 2021 estimate of three,757,200, as 90,000 extra residents had been employed, and 81,700 fewer residents had been unemployed.
Source: www.bostonherald.com”