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| For Immediate Release: September 18, 2008 |
Contact: | Linnea Walsh (EOLWD) 617-626-7111 |
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MASSACHUSETTS ADDS 1,700 JOBS IN AUGUST UNEMPLOYMENT RATE AT 5.3% Most industry sectors reporting job gains over the month |
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BOSTON - September 18, 2008 --- Preliminary estimates show that Massachusetts added 1,700 jobs in August, with job gains in most industry super sectors over the month, according to the monthly jobs report released today by the Executive Office of Labor and Workforce Development. The monthly estimates also show that the August unemployment rate of 5.3 percent is nearly a full percentage point lower than the US rate, which increased to 6.1 percent in August. Estimates also show that the Bay State's revised unemployment rate for July was 5.0 percent, lower than the 5.1 percent previously reported. Massachusetts has added jobs in nine of the last eleven months. Education and health services, the largest growing sector in Massachusetts, added jobs for the fifth consecutive month. Estimates show additional job gains in professional, scientific and business services as well as in manufacturing, construction, and leisure and hospitality. Monthly estimates for August show Massachusetts at 3,294,200 jobs, an increase of 11,300 from the previous year. The Massachusetts rate of 5.3 percent has been below the national rate each month since June 2007. Through August of 2008, the state unemployment rate has averaged 4.7 percent, a similar rate to the 4.6 percent rate recorded for the comparable eight month period in 2007. Employment Overview Jobs in the professional, scientific and business services increased by 500 in August to 489,300. Employment is up 6,500 or 1.3 percent from one year ago, with all of the growth in professional, scientific, and technical services industries such as computer systems design, scientific research and development, and accounting. Financial activities employment was off 300 over the month. At 222,800, the financial activities sector is down 1,500 jobs from one year ago, with real estate, rental and leasing and credit and intermediation activities recording the largest declines. Trade, transportation and utilities showed the largest over the month decline among the super sectors with retail trade accounting for over half of the 1,400 job loss. Employment is down 3,900 from one year ago. A 1,200 job increase in wholesale trade and a 700 job increase in transportation, warehousing, and utilities, was not enough to offset over the year 5,800 job decline in retail trade. Leisure and hospitality jobs were up 800 in August, the largest monthly increase among all super sectors. At 302,900, jobs are up 1,300 over the year, the result of increases in accommodation and food services. Information jobs were off by 400 in August. The information super sector has added 500 jobs over the past year, due to growth in software publishing and jobs are at 88,800. Manufacturing jobs increased by 700 in August, its largest monthly increase since July 2006. At 290,900, manufacturing employment is down 4,100 or 1.4 percent from one year ago. Construction jobs were up 500 in August. At 134,800, jobs are down 2,100 or 1.5 percent from one year ago. Other Services and Government also saw modest job gains in August. In all, seven sectors posted job gains, while three showed declines over the month. The job numbers are the result of a monthly survey that uses U.S. Department of Labor Bureau of Labor Statistics methodology. More than 9,000 Massachusetts employers are surveyed to determine the number of jobs by industry. These estimates are the economic indicator used to gauge the Commonwealth's employment growth patterns. Labor Force Overview Labor force estimates for Massachusetts, developed using the U.S. Department of Labor Bureau of Labor Statistics model, are based on information on Massachusetts' residents' employment and unemployment status collected through a small monthly sample survey of households. NOTES: Local area unemployment statistics for August 2008 will be released on Tuesday, September 23, 2008. The September 2008 unemployment rate and labor force data for Massachusetts will be released on Thursday, October 16, 2008, as will the September 2008 survey of jobs. (See the January, 2008 Media Advisory annual schedule for complete listing of release dates.) Detailed labor market information is available at www.mass.gov/lmi. Historical jobs and labor force estimates for Massachusetts have been revised as of 2/28/08. |