PROVIDENCE – An analysis of Rhode Island’s tax data, released Tuesday by the R.I. Department of Labor and Training, shows more growth in the state’s private-sector employment during the second quarter of 2013 than was originally estimated.
After analyzing tax data from 32,000 businesses, the DLT now estimates the number of Rhode Island-based jobs in June to be 469,500 – 2,800 more than the original estimate of 466,700.
For the second quarter of 2013, estimates released by the DLT showed a year-over-year gain of 4,300 private-sector jobs, outperforming job growth during the same period a year earlier. In the second quarter of 2012, Rhode Island reported a year-over-year gain of 2,800 jobs.
“This data underscores the importance of health care, retail trade and hospitality industries in our state,” said Charles J. Fogarty, director of the DLT, in a release. The health care and social services sector ranked No. 1 for private-sector employment in Rhode Island, followed by the retail trade sector.
The DLT’s revised analysis showed strong upward revisions in both the accommodation and food services, and health care and social assistance sectors. The accommodation and food services sector saw an improvement of 2,900 jobs. This revises the sector’s year-over-year performance from a loss of 1,800 jobs to a gain of 1,100. The increase of 1,400 jobs in the health care and social assistance sector means that the sector’s year-over-year job growth rose from 600 to 2,000.
Downward revisions were seen in the professional and business services, financial activities, and education services sectors, with losses of 900, 800 and 700 jobs, respectively.
Quarterly estimates are based on tax data from 32,000 Rhode Island employers and 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.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.