R.I. jobless rate drops in March

RHODE ISLAND'S jobless rate dropped to 6.3 percent in March, a decrease of one-tenth of a percentage point from February's revised rate of 6.4 percent. / COURTESY R.I. DEPARTMENT OF LABOR AND TRAINING
RHODE ISLAND'S jobless rate dropped to 6.3 percent in March, a decrease of one-tenth of a percentage point from February's revised rate of 6.4 percent. / COURTESY R.I. DEPARTMENT OF LABOR AND TRAINING

(Updated 4:19 p.m.) PROVIDENCE – Rhode Island’s seasonally adjusted unemployment rate dipped to 6.3 percent for March, a one-tenth of a percentage point drop from a revised 6.4 percent in February, the state Department of Labor and Training reported Thursday.
That is the lowest level since January of 2008, DLT said in its release.
In March, the DLT had reported that the unemployment rate for February was 6.3 percent, but that has since been revised to 6.4 percent, based on information from the U.S. Bureau of Labor Statistics, the DLT said.
Year over year, the March unemployment rate declined 1.9 percentage points. By comparison, the U.S. unemployment rate was 5.5 percent this past March, a drop of 1.1 percentage points from a year ago.
The labor force increased by 2,100 to 551,700 in March from February’s figure, but decreased 3,500 compared with a year ago.
The number of employed Rhode Island residents rose 7,700 over the year to 517,100 in March.
The number of unemployed Rhode Island residents, correspondingly, fell 300 to 34,600 from the revised February figure of 34,900 – the lowest level of unemployment since November of 2007, DLT said. Year over year, the number of unemployed dropped by 11,200.
A total of 15,298 individuals collected unemployment insurance benefits in March, a drop from 17,229 a year ago, accounting for 40.4 percent of the total unemployed.
Over the year, total nonfarm employment increased by 4,900. Job gains appeared in seven economic sectors, with the highest increases in accommodation and food services, +1,400; other services, +1,300; and manufacturing, +1,200. Both education and health care and social assistance increased by 500 jobs each. Financial activities and transportation and utilities were up 400 jobs each.
Declines of 200 jobs each were noted in construction, government and retail trade; with wholesale trade and information dropping by 100 jobs each. Three sectors remained unchanged: mining and logging; professional and business services; and arts, entertainment and recreation.
Estimated nonfarm employment totaled 480,000 in March, a gain of 1,600 jobs from a revised February estimate of 478,400, and an increase of 4,900 jobs from March 2014. To date, the state’s job count is up 700 through 2015.
Month over month increases included educational services, up 600 jobs and accommodation and food services, up 500 jobs. Up 400 jobs were health care and social assistance and other services, pushing the latter’s employment level above 24,000 for the first time ever.
Five sectors reported month to month gains of 100 jobs: financial activities; information; retail trade; arts, entertainment and recreation; and government.
Declines included: construction, -400; professional and business services, -200; and -100 in both wholesale trade and mining and logging.
Manufacturing and transportation and utilities sectors remained unchanged.
Gov. Gina M. Raimondo weighed in on the latest jobless rate figures.

“While I’m pleased that the state’s unemployment rate decreased and we created some jobs, our state’s economy – and too many Rhode Island families – are continuing to struggle. The ongoing sluggishness in Rhode Island – coupled with lackluster national numbers – underscore the need for bold action to spark an economic comeback,” Raimondo said in a statement. “That’s why my jobs plan is focused on putting cranes in the sky, making it easier and less expensive to do business in Rhode Island, and training Rhode Island workers.”

No posts to display

1 COMMENT

  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/Underemployment/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 04/03/2015, the National Employment/Unemployment
    Rate of measurement at Level U6 is: TEN POINT NINE PER CENT (10.9%)…
    (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, so stay tuned…