Charge Continues Its Gradual Enhance Throughout 2024
The statewide unemployment fee climbed barely to three.9 p.c in October. Whereas nonetheless decrease than the nationwide degree, it’s been on a gradual improve for many of 2024.
State labor officers introduced Friday that the unemployment fee grew by one-tenth of a proportion level month over month, touchdown 0.5 proportion factors above the place it was in October 2023 and a full level above the two.9 p.c noticed in February, March and April.
Nationwide, the October unemployment fee was 4.1 p.c, officers mentioned.
Massachusetts employers shed 200 jobs in October, in response to labor information. Statewide employment final month was 3,744,300, about 33,000 jobs greater than in October 2023.
Officers mentioned the industries with the most important year-over-year employment positive factors had been training and well being providers, leisure and hospitality, and authorities.
The latest unemployment fee is a shade worse than the joblessness outlook used to craft a worrying five-year projection in regards to the state’s unemployment system.
In October, the Healey administration estimated that if unemployment peaks at 3.7 p.c within the subsequent 5 years, the belief fund used to pay advantages will probably be nearly $300 million within the purple by the top of 2028.
