DLT: Jobless rate falls again in October, to 5.3%, job count rises

THE JOBLESS rate in October fell to 5.3 percent, the lowest level since August 2007, according to the state Department of Labor and Training. / COURTESY R.I. DEPARTMENT OF LABOR AND TRAINING
THE JOBLESS rate in October fell to 5.3 percent, the lowest level since August 2007, according to the state Department of Labor and Training. / COURTESY R.I. DEPARTMENT OF LABOR AND TRAINING

PROVIDENCE – Rhode Island’s unemployment rate continued its slow, downward slide, dipping to 5.3 percent in October, the state Department of Labor and Training reported Thursday.
The seasonally adjusted jobless rate is down one-tenth of a percentage point from September and 1.8 percentage points compared with a year ago. This represents the lowest unemployment rate since August 2007, DLT said in a press release.
By comparison, the U.S. unemployment rate dipped from September to October by one-tenth of a percentage point also, but stands at 5 percent. That is seven-tenths of a percentage point less than the rate a year ago.
In October, the number of unemployed Rhode Island residents declined by 1,000 to 29,400 compared with September, and dropped by 9,400 year over year – the lowest unemployment level since June of 2007.
Also in October, the labor force declined by 1,700 to 556,800 compared with the month before but increased by 5,900 year over year. The number of employed Rhode Island residents dropped by 600 to 527,500 month to month but increased by 15,500 from October 2014.
A total of 7,463 people collected unemployment insurance benefits in October, compared with 8,866 a year ago. This month, benefits claimants accounted for 29 percent of the total unemployed.
Year over year, estimated nonfarm payroll in Rhode Island increased by 5,600 jobs, for a total of 483,500. To date, job growth averaged 400 a month, compared with an average monthly gain of 500 jobs during the same period in 2014, DLT said.
Year over year, DLT reported the largest employment increases in professional and business services, 2,900 jobs; followed by accommodation and food services with 1,900 jobs; and educational services, 1,300 jobs.
Some sectors with larger declines year over year included construction, which lost 900 jobs; and three sectors that lost 500 jobs each: government, information and retail trade.

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