DLT: Private sector saw more job growth in 4Q than estimated
DURING THE FOURTH QUARTER of 2012, Rhode Island saw more private sector job growth than was originally estimated, according to a new analysis of tax data from the R.I. Department of Labor and Training.
CRANSTON – An analysis of Rhode Island’s tax data, released Thursday by the R.I. Department of Labor and Training, shows more growth in the state’s private sector employment during the fourth quarter of 2012 than was originally estimated.
After analyzing tax data from 32,000 businesses, the DLT now estimates the number of Rhode Island-based jobs in December to be 466,800 – 1,200 more than originally estimated.
For the fourth quarter of 2012, estimates released by the DLT showed a year-over-year gain of 4,900 private-sector jobs.
The DLT’s analysis showed an increase of 1,400 jobs (or 9.5 percent) in the construction sector. The retail, and accommodation and food services sectors also saw increases of 500 jobs each. Downward revisions were seen in educational services, with a loss of 700 jobs, and professional and business services (with a loss of 500 jobs).
“The R.I. Department of Labor and Training has chosen to release its own revisions on a quarterly basis to better track the progress of the economic recovery,” said the release.
Quarterly estimates are based on tax data from 312,000 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.