PROVIDENCE – The state’s seasonally adjusted unemployment rate edged higher in October as the number of jobs fell for the first time this year, according to new data from the R.I. Department of Labor and Training published on Thursday.
The 5.4% seasonally adjusted unemployment rate represents a 0.2-percentage point increase over last month, though well below the 7.3% unemployment rate from October 2020.
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While there were 700 fewer unemployed Rhode Islanders month over month, this was offset by an even larger drop in jobs – the first time the state has recorded a monthly job loss since December 2020, according to DLT. The 479,200 nonfarm payroll jobs as of October represents a 2,100-job loss compared with the revised job numbers for September.
Labor market data still suggests conditions have improved dramatically since the onset of the COVID-19 pandemic, with a 74% recovery of the 108,000 jobs lost during the shutdown. However, there are also 10,300 fewer Rhode Island residents participating in the labor force than prior to the pandemic.
Year-over-year, the number of unemployed residents fell by 9,400, while employment increased by 25,200 people. The total state labor force, which includes both employed and people who are unemployed but actively searching for work – was 551,700 as of October, up by 15,800 over a year prior.
Nationwide, the seasonally adjusted unemployment rate was 4.6% in October, a 0.2-percentage-point drop over September and down from 6.9% over a year ago.
Certain industries continue to fare better than others, with the largest monthly job declines recorded in government, professional and business services and education services. Accommodation and food services, by contrast, saw the largest month-over-month increase in jobs as of October.
Sector by sector breakdown of nonfarm employment in the state in October
- Health care and social assistance: 78,100, an increase of 200 month to month and up 2,200 from a year ago.
- Professional and business services: 64,600, a decline of 500 month to month and down 600 from a year ago.
- Government: 64,500, a 1,600-job-loss month to month and up 2,100 from a year ago. The monthly drop was mainly due to losses reported by state government, DLT said.
- Retail trade: 46,100, an increase of 100 month to month and up 1,100 from a year ago.
- Accommodation and food services: 45,700, an increase of 400 jobs month to month and up 5,000 from a year ago.
- Manufacturing: 40,400, an increase of 100 month to month and up 2,800 from a year ago. Production workers in the sector earned $22.88 per hour in October, up 44 cents over September and $1.57 higher than a year ago. Employees worked an average of 39.7 hours per week, a 0.5-hour increase over September and up 2.8 hours over a year ago.
- Financial activities: 33,900, a decline of 300 month to month and down 200 over a year ago.
- Educational services: 23,500, down 500 jobs month to month and a 200 decrease over a year ago.
- Construction: 21,000, a decline of 200 month to month but up 1,900 from a year ago.
- Other services: 20,600, an increase of 200 month to month and up 1,000 from a year ago.
- Wholesale trade: 16,100, level with a month ago and up 1,100 over a year ago.
- Transportation and utilities: 13,300, up 200 jobs month to month and a 400-job increase from a year ago.
- Arts, recreation and entertainment: 5,900, down 300 jobs month to month and up 600 from a year ago.
- Information: 5,300, up 100 jobs from a month ago and a year ago.
- Mining and logging: 200, the same number a month ago and a year ago.
