(Updated 4:10 p.m.) PROVIDENCE – Rhode Island’s seasonally adjusted unemployment rate dropped again to 6.3 percent in February, its lowest level in eight years, the R.I. Department of Labor and Training reported Thursday.
That’s a two-tenths of a percentage point decline since January and 2.1 percentage points down from February of 2014. This contrasts with a national unemployment rate of 5.5 percent in February, down 1.2 percentage points from the previous year, DLT stated.
Rhode Island’s unemployment rate had dropped to 6.5 percent in January.
Overall, the state’s labor force totaled 549,600 in February, an increase of 600 compared with January but a decrease of 5,500 compared with the year prior.
The number of unemployed Rhode Island residents dropped between January and February by 1,100 to 34,800 – the lowest level of unemployment since December of 2007, and also year over year, by 11,900. A total of 17,453 people collected unemployment insurance benefits in February compared with 19,977 a year ago, accounting for 45.8 percent of the total unemployed, the DLT said.
The number of employed residents also increased to 514,800 in February, an increase of 6,400 from the previous year period.
Year over year, the number of Rhode Island-based jobs increased by 3,900 with gains in 10 economic sectors, losses in four sectors and stability in one.
The gains include manufacturing, 1,100; accommodation and food services as well as other services, 900 each; transportation and utilities, 800; and professional and business services, 600. Also up by 200 each were construction, financial activities, health care and social assistance and arts, entertainment and recreation. Mining and logging increased by 100 jobs.
Month to month, however, the number of Rhode Island-based jobs totaled 479,000, down by 2,700 in February, erasing a gain of 2,400 jobs added in January. That makes it the largest monthly job decline since July of 2009, when 2,900 jobs were lost.
The 10 sectors that lost jobs between January and February include: education, 800; retail trade, 500; construction and accommodation and food services, 400 each; government, 300; financial activities, 200. Losing 100 jobs each were the sectors of transportation and utilities, professional and business services, information and other services.
Manufacturing added 200 jobs while mining and logging added 100. Unchanged were the sectors of health care and social assistance; arts, entertainment and recreation; and wholesale trade.
Gov. Gina M. Raimondo weighed in on the drop in February’s jobless rate, calling the decrease encouraging, but noting that 2,700 jobs were lost between January and February.
“This report underscores what we already know: We urgently need to reignite Rhode Island’s economy,” Raimondo said in a statement. “We need to create a friendlier, less burdensome environment for businesses to grow. And we need to make smart and targeted investments in education, workforce training and in efforts to attract businesses to come invest in Rhode Island.”
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Jon Polis commented on an article.
March 12 at 6:04pm ·
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 01/30/2015, Rhode Island’s Employment/Unemployment Rate
of measurement at Level U6 is: THIRTEEN POINT FIVE CENT (13.5%)….
which is down NINE-TENTHS OF ONE PER CENT (.09%) from last quarter’s measurement…
….and as of 03/06/2015, the National Employment/Unemployment
Rate of measurement at Level U6 is: ELEVEN PER CENT (11.0%)…
(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 March 2015, is tentatively scheduled for Friday, April 24, 2015.
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 01/30/2015, Rhode Island’s Employment/Unemployment Rate
of measurement at Level U6 is: THIRTEEN POINT FIVE CENT (13.5%)….
which is down NINE-TENTHS OF ONE PER CENT (.09%) from last quarter’s measurement…
….and as of 03/06/2015, the National Employment/Unemployment
Rate of measurement at Level U6 is: ELEVEN PER CENT (11.0%)…
(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 March 2015, is tentatively scheduled for Friday, April 24, 2015.