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Massachusetts Adds 7,900 Jobs in October
The Executive Office of Labor and Workforce Development today reported that the Bureau of Labor Statistics’ preliminary October 2012 estimates show Massachusetts added 7,900 jobs over the month, for a total of 3,255,100 jobs. The October job gain follows a revised gain of 2,700 jobs in September.
The total unemployment rate inched up from 6.5 percent in September to 6.6 percent in October. The unemployment rate is down 0.5 of a percentage point from the October 2011 rate of 7.1 percent. The three-month average seasonally adjusted total unemployment rate was 6.5 percent and the six-month average was 6.3 percent.
Year to date jobs are up 43,300 with private sector jobs up 42,400. Professional, Scientific, and Business Services and Trade, Transportation and Utilities had the largest gains.
Over the year, October 2011 to October 2012, jobs are up 43,000. Private sector jobs are up 44,500, for a growth rate of 1.6 percent with gains in seven of the ten sectors.
Construction added 2,400 (+2.3%) jobs over the month. Over the year, jobs are down 2,300 (-2.1%).
Professional, Scientific, and Business Services gained 2,400 (+0.5%) jobs over the month. Over the year, the sector has added 26,300 (+5.5%) jobs with Professional, Scientific and Technical Services component generating 16,200 (+6.3%) jobs.
Financial Activities added 1,700 (+0.8%) jobs due to gains in the Finance and Insurance component. Over the year, the sector has gained 1,000 (+0.5%) jobs.
Education and Health Services gained 1,300 (+0.2%) jobs in October. Educational Services lost 700 (-0.5%) jobs and Health Care and Social Assistance added 2,000 (+0.4%) jobs. Over the year, Education and Health Services gained 200 (0.0%) jobs.
Manufacturing added 400 (+0.2%) jobs over the month as the gain in Durable Goods more than offset the loss in Non-Durable Goods. Over the year Manufacturing has added 700 (+0.3%) jobs due to gains in Durable Goods.
Information gained 200 (+0.2%) jobs over the month. Year to date, this sector added 3,100 jobs (+3.8%). Over the year, the sector added 2,600 (+3.2%) jobs.
Mining and Logging employment remained unchanged both over the month and over the year.
Other Services employment remained unchanged over the month. Over the year, the sector lost 100 (-0.1%) jobs.
Trade, Transportation, and Utilities shed 700 (-0.1%) jobs. Year to date, the sector has added 6,300 (+1.1%) jobs. Over the year, 7,900 (+1.4%) jobs were added with most of the growth in Retail Trade which gained 3,200 (+0.9%) jobs.
Leisure and Hospitality lost 200 (-0.1%) jobs over the month due to the loss in Accommodation and Food Services offsetting the gain in Arts, Entertainment and Recreation. Over the year, Leisure and Hospitality has gained 8,200 (+2.7%) jobs due to gains in Accommodation and Food Services.
Government added 400 (+0.1%) jobs over the month. Federal Government posted a 500 (+1.1%) jobs gain over the month while State government added 200 (+0.2%) jobs. Local Government lost 300 (-0.1%) jobs. Over the year, Government lost 1,500 (-0.3%) jobs.
Labor Force Overview
The October 2012 estimates show 3,243,700 Massachusetts residents were employed and 230,200 were unemployed, for a total labor force of 3,473,900. The labor force was 19,700 above last year’s level, with 35,200 more residents are employed and 15,500 fewer residents are unemployed. Since the unemployment rate peaked at 8.7 percent in October 2009, there are 83,200 more residents employed and 70,800 fewer residents unemployed. Totals may not sum exactly due to rounding.
The unemployment rate is based on a monthly sample of households. The job estimates are derived from a monthly sample survey of employers. As a result, the two statistics exhibit different trends for October.
Beginning with the March 2011 estimates, the Bureau of Labor Statistics (BLS) has assumed responsibility for the production of the CES State and sub-state jobs estimates. BLS has also implemented methodological changes which may increase the month to month variability of the estimates. See Changes to procedures for producing Current Employment Statistics (CES) State estimates.
Local area unemployment statistics for October 2012 will be released on Tuesday, November 20, 2012. The November 2012 unemployment rate and labor force data for Massachusetts will be released on Thursday, December 20, 2012. See Revised Media Advisory for a complete list of release dates.
Detailed labor market information is available at www.mass.gov/lmi.