R.I. jobless rate drops in October

PROVIDENCE – The unemployment rate dropped to 7.4 percent in October, declining two percentage points compared with the year prior, according to the R.I. Department of Labor and Training.
The latest rate of 7.4 percent, two-tenths of a point less than September, is the state’s lowest level since May of 2008.
The unemployment rate is also down 1.9 percent since the beginning of the year, the agency reported. The figure remains 1.6 percentage points higher than the U.S. unemployment rate of 5.8 percent for October.
Paired with the good news is a decrease in the number of unemployed Rhode Island residents, which dropped from 42,300 in September to 40,900 in October. Year over year, the number of jobless dropped by 11,200.
Yet, at the same time, the number of Rhode Island-based jobs declined from September to October by 2,600, though they were up by 3,600 compared with a year ago. Likewise, the labor force declined by 400, to 555,400, from September to October, although it increased by 3,400 compared with a year ago, DLT reported.
Fewer jobless individuals – 8,866 – collected unemployment insurance benefits in October compared with a year ago, when the figure was 9,967. The number of employed Rhode Island residents increased month to month and year to year, up 1,200 from September’s figure of 513,400 and up 14,700 compared with October of 2013.
Over the past year, total nonfarm employment rose in nine economic sectors, dropped in four and remained unchanged in two.
The biggest job gains appeared financial activities (+1,400), accommodation and food services (1,200+), professional and business services (+700) and transportation and utilities (+600). Other gains included construction and manufacturing (+300 each); other services (+200); and retail, as well as arts, entertainment and recreation (100+) each.
Sectors registering declines included educational services (-500), wholesale trade (-400), government (-300) and information (-100). Unchanged were health care and social assistance and mining and logging.
Month over month, estimated nonfarm payroll posted a loss of 2,600 jobs, from 479,100 in September to 476,500 in October.
The largest decline occurred in professional and business services, with 1,200 jobs lost, primarily in landscaping and employment services. The only larger job loss in this sector was 1,400 jobs in April of 1991. Construction lost 700 jobs while heath care and social assistance lost 500 jobs.
Other losses month over month included education services and arts, entertainment and recreation (-300 each); wholesale trade (-200), and information and government, (-100 each).
Gains included accommodation and food services (+400), financial activities (+300), and transportation and utilities (+100). Employment remained unchanged in manufacturing, retail trade, other services, and mining and logging.

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  1. As of 10/24/2014, Rhode Island’s Unemployment Rate at
    Level U6 is: FOURTEEN POINT FOUR PER CENT (14.4%)
    (further details at http://www.bls.gov/lau/stalt.htm updated quarterly…)
    and as of 11/7/2014, the National Unemployment Rate
    at Level U6 is: ELEVEN POINT FIVE PERCENT (11.5%)
    (further details at http://www.bls.gov/news.release/empsit.t15.htm
    updated monthly…..jkp