Jobless rate continues drop, at 7.1% in Nov., as R.I. gains 6K jobs

RHODE ISLAND saw its unemployment rate reach the lowest level since April 2008 in November, with 7.1 percent of the labor force not working.
RHODE ISLAND saw its unemployment rate reach the lowest level since April 2008 in November, with 7.1 percent of the labor force not working.

PROVIDENCE – The unemployment rate for November dropped three-tenths of a percentage point to 7.1 percent from 7.4 percent a month ago, according to the R.I. Department of Labor and Training.

That seasonally adjusted 7.1 percent rate is 2.3 percentage points less than it was a year earlier. Or looked at another way, it is a decline of 24.5 percent. It is the lowest unemployment rate in Rhode Island since April 2008. The U.S. unemployment rate was 5.8 percent for November, 1.2 percentage point decline from a year earlier but unchanged compared with October.

Rhode Island-based jobs showed an increase of 5,800 from November 2013, with 2,800 of that gain happening from October to November, the agency reported. But at the same time, the number of employed Rhode Island residents fell 500 to 514,100 in November. However, year over year, the number of employed state residents posted an increase of 14,700.

All told, the Rhode Island labor force totaled 553,400 in November, a decline of 2,000 compared with a month ago but 2,400 more than a year ago.

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The number of unemployed Rhode Island residents declined by 1,600 in November compared with October, from 40,900 to 39,300 – the 16th consecutive month-over-month decrease and the lowest unemployment level since March 2008, DLT reported. Over the year, the number dropped 12,300.

Over the year, total nonfarm employment increased by 5,800, with gains in 10 economic sectors: professional and business services, +1,900; accommodation and food services, +1,200; financial activities, +1,000; transportation and utilities along with construction, +600 each; manufacturing, +500; health care and social assistance, +400; retail trade and other services, each up +300; and arts, entertainment and recreation, +200.

Four sectors fell year over year, including educational services, -700; government, -300; wholesale trade, -100; and information, -100. Mining and logging remained unchanged.

Month over month, total nonfarm employment increased by 2,800, from a revised 476,900 in October to 479,700 in November, the highest level of employment since July 2008. Professional and business services added 1,000 jobs in November, after losing an unprecedented 1,100 jobs, revised from 1,200, reported in October.

Health care and social assistance, along with accommodation and food services, added 600 jobs each, propelled by gains in ambulatory health care services and social assistance.

Gains of 300 jobs were reported in four sectors: manufacturing, construction, retail trade and wholesale trade. Other gains included: arts, entertainment and recreation, +200; information, along with transportation and utilities, +100 each. Mining and logging remained unchanged.

Job losses were reported in four sectors: financial activities, -500; educational services, -300; government, -100; and other services, -100.

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  1. For a more detailed analysis of this story; Refer to
    The Bureau Of Labor Statistics;
    http://www.bls.gov/lau/stalt.htm …which is updated quarterly…
    as of 10/24/2014, Rhode Island’s Employment/Unemployment Rate
    of measurement at Level U6 is: FOURTEEN POINT FOUR PER CENT (14.4%)
    and as of 12/5/2014, the National Employment/Unemployment Rate of measurement at
    at Level U6 is: ELEVEN POINT FOUR PERCENT (11.4%)
    (further details at http://www.bls.gov/news.release/empsit.t15.htm
    which is updated monthly; Note that is has ONLY gone down by
    ONE TENTH OF ONE PERCENT since last month’s report)…..jkp