Jobless numbers revised, jobless rate lower for most of ’14

LABOR FORCE REVISIONS show that the jobless rate was lower in Rhode Island for most of 2014. / COURTESY DEPARTMENT OF LABOR AND TRAINING
LABOR FORCE REVISIONS show that the jobless rate was lower in Rhode Island for most of 2014. / COURTESY DEPARTMENT OF LABOR AND TRAINING

PROVIDENCE – The annual revision of labor force statistics conducted recently showed that the number of unemployed residents was overestimated every month in 2014 by an average of 1,830, according to the state Department of Labor and Training.
The revision, which was conducted by the department’s Labor Market Information Division and the federal Bureau of Labor Statistics, showed that 2014 ended with 37,200 residents unemployed. It also showed that Rhode Island ended the year with 479,300 jobs, 400 more jobs than originally estimated. These jobs were in the local government segment.
The December unemployment level, which remained 6.8 percent, is now the lowest unemployment level since February 2008.
November’s jobless rate changed to 6.9 percent from 7.1 percent, and October’s went from 7.4 percent to 7.1 percent. September saw a change from 7.6 percent to 7.2 percent. The largest changes occurred in January and February, which both experienced 0.6 percentage point drops from what was previously reported to 8.6 percent and 8.4 percent, respectively.
The revision also showed that the seasonally adjusted employment level was overstated in eight out of 12 months in 2014. Previously, employment levels fluctuated between a low of 499,700 in January and a high of 515,400 in June and July. The revision showed that employment peaked at 512,500 in July and August and decreased every month after, ending at 511,600, a drop of 3,700 from what was previously reported. That number, however, represented an increase of 4,600 from the revised December 2013 figure of 507,000 employed Rhode Islanders.
Labor force estimates, which includes employed and unemployed residents (those seeking but unable to find work), also dropped from April through December. The labor force peaked at 555,300 in April and May and slowly declined each month to 548,800 in December, the lowest level since May 2002.
The revision also showed that the highest unemployment rate reached during the recession was 11.3 percent, and that it happened between June and August 2009, lower than the 11.9 percent unemployment rate that had been estimated for December 2009 through March 2010.

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