The bad news is, Rhode Island still has the highest unemployment rate in New England, 6.8 percent at the last counting to end 2014. But there is good news to be had.
To begin with, the unemployment rate for Rhode Islanders fell 2.5 percentage points, or put another way, by 26.9 percent, in the 12 months through the end of the year. As the federal Bureau of Labor Statistics noted in its December nationwide unemployment report, that is a statistically significant change.
In the last three months of the year, the number of unemployed in the Ocean State fell to 39,300 from 51,100, again, a significant change. Unfortunately, in that same time period the size of the Rhode Island labor force went from 555,400 to 552,600, which by itself is still greater than the 550,100 people in the labor force in December 2013. But it is not a sign that Little Rhody is an encouraging place to look for work.
To put our recovery in perspective, from October through December, the labor force in Massachusetts grew from 3.55 million to 3.57 million, as the jobless rate sank to 5.5 percent from 7.1 percent a year earlier.
What can we learn from this report? First, Rhode Island has truly turned the corner.
Second, when paired with the positive results of the PBN Business Survey published last week, the narrative of negativism that dominates is as inaccurate as it is destructive.
And third, much work is left to be done. Job creation should not just be the long-term goal of the state’s leaders. It should be at the top of the agenda for right now.
Yes, do the right things for long-term growth. But this state needs help today. •
