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By PBN Staff
By PBN Staff
PROVIDENCE – An analysis of Rhode Island’s tax data, released Thursday by the R.I. Department of Labor and Training, showed more growth in the state’s private-sector employment during the fourth quarter of 2013 than originally estimated.
After analyzing tax data from 32,000 businesses, the DLT now estimates the number of Rhode Island-based jobs for December to be 473,300 – 2,100 more than the original estimate of 471,200.
This was the fourth consecutive quarter in 2013 for which tax estimates indicated higher job counts than originally reported.
Based on this new estimate, the DLT reported a year-over-year gain of 5,200 private-sector jobs in the fourth quarter of 2013.
“The state must continue to focus on the fundamentals with our investments in education, infrastructure and workforce development,” said Gov. Lincoln D. Chafee in a prepared statement. “These investments continue to pay dividends, strengthen the economy and will allow Rhode Island to make additional progress forward.”
The DLT’s revised analysis showed upward revisions in nine sectors, including professional and business services, which added 600 more jobs than previously estimated; information, which added 400 more jobs; financial activities and other services, which each added 300 more jobs; and construction, which added 200 more jobs.
“I am pleased to see that this latest tax data supports the continued job growth we are seeing in the state,” said DLT Director Charles J. Fogarty. “I am especially glad to see much of this job growth is in the professional and business services industry, a sector which typically pays higher-than-average wages.”
Only one sector, retail trade, saw a downward revision following the DLT analysis. Retail trade added 200 fewer jobs in the fourth quarter than originally reported. Five sectors – including manufacturing, education services, and health care and social assistance – were unchanged from the original December estimate.
Quarterly estimates are considered to have a smaller margin of error than the monthly estimates the department produces with the U.S. Bureau of Labor Statistics, which are based upon a sample of 1,700 employers.