The state’s unemployment rate dropped again last month, now down to 2.6 percent.
From the Executive Office of Labor and Workforce Development
BOSTON, MA – July 21, 2023 — The state’s June total unemployment rate was 2.6 percent, down 0.2 percentage points from the revised May estimate of 2.8 percent, the Executive Office of Labor and Workforce Development announced Friday.
The Bureau of Labor Statistics (BLS) preliminary job estimates indicate Massachusetts lost 4,500 jobs in June. This follows May’s revised gain of 7,300 jobs. The largest over-the-month private sector job gains were in Professional, Scientific, and Business Services, Financial Activities, and Leisure and Hospitality. Employment now stands at 3,762,800. Massachusetts gained 701,200 jobs since the employment low in April 2020.
From June 2022 to June 2023, BLS estimates Massachusetts gained 96,200 jobs. The largest over-the-year gains occurred in Education and Health Services, Professional, Scientific, and Business Services, and Leisure and Hospitality.
The state’s June unemployment rate of 2.6 percent was 1.0 percentage point below the national rate of 3.6 percent reported by BLS.
The labor force decreased by an estimated 7,400 from the revised estimate of 3,728,300 in May, as 2,100 more residents were employed, and 9,500 fewer residents were unemployed over-the-month.
Over-the-year, the state’s seasonally adjusted unemployment rate was down by 1.1 percentage points.
The state’s labor force participation rate – the total number of residents 16 or older who worked or were unemployed and actively sought work in the last four weeks – dropped by 0.1 percentage point to 64.6 percent over-the-month. Compared to June 2022, the labor force participation rate was down 0.7 percentage points.
June 2023 Employment Overview
Financial Activities gained 1,000 jobs over-the-month. Over-the-year, 6,600 were added.
Professional, Scientific, and Business Services gained 1,000 jobs over-the-month. Over-the-year, 20,300 were added.
Leisure and Hospitality gained 600 jobs over-the-month. Over-the-year, 13,300 were added.
Construction had no change in jobs over-the-month. Over-the-year, 7,500 were added.
Trade, Transportation, and Utilities lost 300 jobs over-the-month. Over-the-year, 7,300 were added.
Manufacturing lost 500 jobs over-the-month. Over-the-year, 600 were added.
Information lost 800 jobs over-the-month. Over-the-year, 1,000 were lost.
Government lost 900 jobs over-the-month. Over-the-year, 12,400 were added.
Education and Health Services lost 2,100 jobs over-the-month. Over-the-year, 26,300 were added.
Other Services lost 2,400 jobs over-the-month. Over-the-year, 2,800 were added.
Labor Force Overview
The June estimates show 3,624,900 Massachusetts residents were employed and 96,000 were unemployed, for a total labor force of 3,721,000. The unemployment rate at 2.6 percent was down 0.2 percentage points from the revised May rate of 2.8 percent. Over-the-month, the June labor force declined by 7,400 from 3,728,300 in May, with 2,100 more residents employed and 9,500 fewer residents unemployed. The labor force participation rate, the share of working age population employed and unemployed, dropped 0.1 percentage point over-the-month at 64.6 percent. The labor force was down 33,800 from the June 2022 estimate of 3,754,800, with 10,200 more employed residents, and 44,000 fewer unemployed residents.
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 may exhibit different monthly trends.
NOTES: The labor force is the sum of the numbers of employed residents and those unemployed, that is residents not working but actively seeking work in the last four weeks. Estimates may not add up to the total labor force due to rounding.
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