For the sixth consecutive month, Rhode Island’s unemployment rate increased in March to 4%.
The seasonally adjusted rate is one-tenth of a percentage point higher than the previous month and above the national average, the R.I. Department of Labor and Training said April 18.
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The state’s unemployment rate in March 2023 was 2.7%. And the rate last September was still at historical lows at 2.6%, before the increases began the following month.
Last month’s state unemployment rate was two-tenths of a percentage point higher than the 3.8% U.S. rate.
The DLT says the number of unemployed Rhode Islanders in March was 23,600, up 900 from February and 7,900 from a year ago.
But the number of employed residents was at 559,900 last month, up 2,000 from the previous month and 3,700 more than March 2023, DLT says.
The unemployment rate has been increasing for all the right reasons. Not only is the state adding jobs, but our labor pool and labor participation rate are increasing. That means more folks are entering the job market which is always a good thing.