DLT: May jobless rate drops to 5.9%

RHODE ISLAND'S jobless rate declined to 5.9 percent in May, its lowest level since November 2007. / COURTESY R.I. DEPARTMENT OF LABOR AND TRAINING
RHODE ISLAND'S jobless rate declined to 5.9 percent in May, its lowest level since November 2007. / COURTESY R.I. DEPARTMENT OF LABOR AND TRAINING

PROVIDENCE – Rhode Island’s jobless rate for May dipped below 6 percent, to 5.9 percent, for the first time since 2007, the state Department of Labor and Training reported Thursday.
The seasonally adjusted unemployment rate for May dropped two-tenths of a percentage point from 6.1 percent in April, and was down two percentage points compared with May of last year, the DLT said.
By comparison, the U.S. jobless rate was 5.5 percent in May, up one-tenth of a percentage point from April but down eighth-tenths of a percentage point year over year.
The Rhode Island labor force totaled 556,400 in May, up 2,600 from April and up 1,100 from a year ago.
The number of unemployed Rhode Island residents was 33,100, down by 600 compared with April – the lowest unemployment level since October of 2007. Year over year, the number of unemployed dropped by 10,800.
A total of 9,098 individuals collected jobless benefits in May, down from 10,382 a year ago, accounting for 28.3 percent of all unemployed.
Year over year, nonfarm employment increased by 6,700, with job gains in seven economic sectors, including the largest increases in accommodation and food services, 2,900;, professional and business services, 1,900; other services, 1,400; and manufacturing, 1,200.
Smaller gains came in transportation and utilities and financial activities, both at adding 400 jobs, and educational services, which added 300.
Six sectors registered losses: construction, 900; government, 500; retail trade, 400; information, 300; health care and social assistance and wholesale trade, each down by 100 jobs. Mining and logging remained unchanged since May of 2014.
Compared with a month ago, estimated nonfarm payroll totaled 484,700 in May, reflecting a gain of 3,400 jobs from the revised April estimate of 481,300. Three consecutive months of job gains added 6,300 jobs to the local economy, DLT said, with recovery of nearly three-quarters of the 39,800 jobs lost during the recession.
Accommodation and food services added 1,300 workers in May, compared with April, with mild temperatures and Newport activity that included the Volvo Ocean Race stopover contributing to the gain, DLT said.
Professional and business services rose by 1,000, establishing a record high for the sector. The DLT also reported monthly gains in financial activities, 500; other services, 400; manufacturing and transportation and utilities, 300 each; wholesale trade and arts, entertainment and recreation, both adding 200; and construction, up by 100 jobs.
The government sector led declines, falling by 300 jobs. Three sectors lost 200 jobs each in May compared with April: health care and social assistance; educational services and retail trade. Employment remained unchanged in information and the mining and logging sectors.

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2 COMMENTS

  1. For a more detailed analysis of the employment/underemployment/ unemployment situation;

    Refer to The Bureau Of Labor Statistics; http://www.bls.gov/lau/stalt.htm …which is updated quarterly…
    …as of 04/24/2015, Rhode Island’s Employment/Underemployment/Unemployment Rate
    of measurement at Level U6 is: TWELVE PONT NINE CENT (12.9%)….

    ….and as of 6/05/2015, the National Employment/Unemployment
    Rate of measurement at Level U6 is: TEN POINT EIGHT PER CENT (10.8%)…
    (unchanged from last month)….
    (further details can be found at http://www.bls.gov/news.release/empsit.t15.htm which is updated monthly….)

    The next publication of the Employment/Underemployment/Unemployment situation, broken down by State level,
    covering the previous four quarters ending in June 2015, is tentatively scheduled for Friday, July 24, 2015, so stay tuned…jkp

  2. Thank for the info, but given each month you repeat the same stat without any analysis about the U6 level, you come off as superficial besides being a nervous nellie and a negative person. Do you enjoy being characterized as such.