Ends Practically Two-12 months Streak of Comparatively Decrease Joblessness in Bay State
Massachusetts skilled the identical 4.1 % unemployment price in December because the nation as an entire, officers stated Friday, ending an almost two-year streak of comparatively decrease joblessness within the Bay State.
Labor officers introduced that the Massachusetts unemployment price final month inched upward one-tenth of a share level, from 4 % in November. The nationwide unemployment price ticked downward over the identical span from 4.2 % to 4.1 %.
The final time the statewide price was equal to or better than the nationwide price was in March 2023, when each stood at 3.5 %, although in a number of months throughout that span Massachusetts fared higher than the nation by solely a fraction of a share level.
From December 2023 to December 2024, the statewide unemployment price elevated 0.9 share factors.
Bay State employers added 6,000 jobs in December, officers additionally stated, after shedding a revised 1,500 positions in November.
Joblessness is pretty low, however Massachusetts employers are nonetheless feeling stress with the charges they pay to fund unemployment advantages forecast to rise within the coming years.
Companies may face further pressure because the state works to repay the federal authorities $2.1 billion over the subsequent 10 years on account of a mistake by the Baker administration. Gov. Maura Healey’s crew introduced final week that principal funds for that debt will come from the Unemployment Insurance coverage Belief Fund, an account funded by a tax on employers.
