Rhode Island’s seasonally adjusted unemployment rate took a turn in February as it fell 0.8 of a percentage point to 4.2 percent, according to the latest statistics from the Rhode Island Department of Labor (DLT).
This is the lowest unemployment rate since January 2001.
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The decline in the unemployment rate reflected a reduction of 3,900 in the number of unemployed Rhode Islanders, estimated at 21,400 in February. A year ago, the unemployment rate was 4.4 percent, while the unemployment level stood at 22,400. Nationally, the February unemployment rate was essentially unchanged at 5.5 percent, down only 0.1 of a percentage point from the previous month’s level of 5.6 percent. Rhode Island’s unemployment rate remains well below the national figure for the seventh straight month.
“The unemployment rate took an unexpected decline in February after holding at 5.0 percent for the prior two months,” said DLT Director Lee H. Arnold. “While this may signal the beginning of an economic turnaround in Rhode Island, it’s only a one month number. We need to see lower unemployment rates over several months before determining that an economic recovery is actually underway.”
“Unlike previous recessions, the Rhode Island economy has performed well in weathering the recent national economic downturn,” said Gov. Lincoln Almond. “While one can’t draw conclusions from a single month’s positive unemployment report, there is still reason to believe we may begin to see the light at the end of the tunnel, especially with the state’s unemployment rate remaining below the national rate for seven straight months.”
