Jobless rate drops in January to 6.5%

RHODE ISLAND'S JOBLESS RATE DROPPED to 6.5 percent in January. Estimated nonfarm employment totaled 481,700 in January, reflecting a gain of 6,600 jobs from January 2014. / COURTESY R.I. DEPARTMENT OF LABOR AND TRAINING
RHODE ISLAND'S JOBLESS RATE DROPPED to 6.5 percent in January. Estimated nonfarm employment totaled 481,700 in January, reflecting a gain of 6,600 jobs from January 2014. / COURTESY R.I. DEPARTMENT OF LABOR AND TRAINING

PROVIDENCE – The seasonally adjusted unemployment rate for January dropped to 6.5 percent, three-tenths of a percentage point lower than December 2014, according to the latest report from the R.I. Department of Labor and Training.
That figure also is 2.1 percentage points lower compared with a year ago, DLT said, the lowest unemployment rate since February of 2008. That compares with a national unemployment rate of 5.7 percent for January, which is up a tenth of a percentage point from December but nine-tenths of a percentage point lower year over year.
The number of unemployed Rhode Island residents actively seeking work also dropped by 1,500 from the December figure of 37,200 to 35,700, the lowest level since December of 2007. Year over year, the number of unemployed dropped by 11,800.
Likewise, 15,579 people collected unemployment insurance benefits for January, down from 17,423 a year ago. The number of employed state residents was up by 1,500, registering 513,100 compared with 511,600 in December. Year over year, the number of employed residents also was up by 5,500.
Despite these strides, the total Rhode Island labor force amounted to 548,800, unchanged from December and down 6,300 from January of 2014.
Year over year, estimated nonfarm payroll in the state rose by 6,600 jobs to 481,700. Job gains appeared in 12 economic sectors: accommodation and food services, +1,500; professional and business services as well as other services, both up 1,100; manufacturing, +900; transportation and utilities, +800; construction, +600; and retail trade, +300.
Also up were financial activities and educational services, both + 200; and three sectors with increases of 100: arts, entertainment and recreation, health care and social assistance and wholesale trade. Payroll dropped by 300 in the information sector as well as government, -100, while mining and logging remained unchanged.
Month over month, estimated nonfarm payroll here showed a gain of 2,400 jobs from the revised December estimate of 479,300 – the highest level since June of 2008.
Gains came in the other services sector, +600; educational services, +500; and increases of 400 each in transportation and utilities as well as arts, entertainment and recreation. Construction rose by 300; accommodation and food services increased by 200; and manufacturing, financial activities and retail trade each added 100 jobs.
Losses of 100 jobs each occurred in health care and social assistance, information and wholesale trade. Unchanged were professional and business services, government and mining and logging.

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  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 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.