By PBN Staff
By PBN Staff
PROVIDENCE – An analysis of Rhode Island’s tax data, released Thursday by the R.I. Department of Labor and Training, showed more growth in the state’s private-sector employment during the third quarter of 2013 than originally estimated.
After analyzing tax data from 32,000 businesses, the DLT now estimates the number of Rhode Island-based jobs for September to be 472,100 – 3,300 more than the original estimate of 468,800.
This was the third consecutive quarter in 2013 for which tax estimates indicated higher job counts than originally reported.
Based on this new estimate, the DLT reported a year-over-year gain of 6,500 private-sector jobs in the third quarter of 2013, outperforming job growth during the same period a year earlier. In the third quarter of 2012, Rhode Island posted a year-over-year gain of 3,800 jobs.
“The latest estimates show that the Rhode Island economy is continuing to move in the right direction,” said Gov. Lincoln D. Chafee. “We continue to see encouraging growth in key industry sectors. My goal is to have the state continue to focus on the fundamentals with investments in education and workforce development to allow Rhode Island to make additional progress and exceed predictions.”
The DLT’s revised analysis showed upward revisions in seven sectors, including accommodation and food services, which saw an improvement of 1,700 jobs. This revised the sector’s year-over-year performance from a loss of 1,200 jobs to a gain of 500 jobs.
An upward revision of 1,300 jobs in the health care and social-assistance sector meant that the sector’s year-over-year job growth improved from a gain of 100 jobs to a gain of 1,400 jobs.
“These revised estimates indicate that the state has experienced solid job growth over the year,” said DLT Director Charles J. Fogarty. “It is especially pleasing to see that much of that growth has been in high-wage- industry sectors.”
Six sectors saw downward revisions following the DLT’s analysis, most notably the financial-activities sector, which added 400 fewer jobs than originally reported, and the professional- and business-services sector, which added 300 fewer jobs.
Job estimates for the mining and logging sector were unchanged from the original September estimate.
Quarterly estimates are considered to have a smaller margin of error than the monthly estimates the department produces with the U.S. Bureau of Labor Statistics, which are based upon a sample of 1,700 employers.