Massachusetts Unemployment & Job Estimates for October
BOSTON, MA – November 18, 2022 – The state’s October total unemployment rate was 3.5 percent, up one-tenth of a percentage point over-the-month, the Executive Office of Labor and Workforce Development announced Friday.
The Bureau of Labor Statistics’ preliminary job estimates indicate Massachusetts gained 9,800 jobs in October. This follows last month’s revised gain of 22,900 jobs. The largest over the month private sector job gains were in Financial Activities, Professional and Business Services, and Government. Employment now stands at 3,710,600. Since the employment trough in April 2020, Massachusetts gained 659,600 jobs.
From October 2021 to October 2022, BLS estimates Massachusetts gained 141,300 jobs. The largest over the year gains occurred in Professional and Business Services, Leisure and Hospitality, and Education and Health Services.
The October unemployment rate of 3.5 percent was two-tenths of a percentage point below the national rate of 3.7 percent reported by the Bureau of Labor Statistics.
The labor force decreased by an estimated 3,800 from 3,749,600 in September, as 6,200 fewer residents were employed, and 2,300 more residents were unemployed over-the-month.
Over-the-year, the state’s seasonally adjusted unemployment rate was down by 1.5 percentage points.
The state’s labor force participation rate – the total number of residents 16 or older who worked or were unemployed and actively sought work in the last four weeks – dropped by 0.1 percentage point at 65.5 percent over-the-month. Compared to October 2021, the labor force participation rate was down two-tenths of a percentage point.
October 2022 Employment Overview
Financial Activities gained 4,500 jobs over the month. Over the year, 5,200 were added.
Professional, Scientific, and Business Services gained 4,100 jobs over the month. Over the year, 31,300 were added.
Government gained 2,300 jobs over the month. Over the year, 10,600 were added.
Information gained 300 jobs over the month. Over the year, 5,700 were added.
Other Services gained 100 jobs over the month. Over the year, 600 were added.
Trade, Transportation, and Utilities had no job change over the month. Over the year, 17,000 jobs were added.
Construction lost 200 jobs over the month. Over the year, 11,400 were added.
Education and Health Services lost 300 jobs over the month. Over the year, 25,300 were added.
Leisure and Hospitality lost 400 jobs over the month. Over the year, 25,300 were added.
Manufacturing lost 600 jobs over the month. Over the year, 8,900 were added.
Labor Force Overview
The October estimates show 3,614,500 Massachusetts residents were employed and 131,300 were unemployed, for a total labor force of 3,745,800. The unemployment rate at 3.5 percent was up 0.1 percentage point from the revised September rate of 3.4 percent. Over-the-month, the October labor force declined by 3,800 from 3,749,600 in September, with 6,200 fewer residents employed and 2,300 more residents unemployed. The labor force participation rate, the share of working age population employed and unemployed, decreased by one-tenth of a percentage point to 65.5 percent over-the-month. The labor force was down 13,500 from the October 2021 estimate of 3,759,300, as 43,100 more residents were employed, and 56,600 fewer residents were unemployed.
The unemployment rate is based on a monthly sample of households. The job estimates are derived from a monthly sample survey of employers. As a result, the two statistics may exhibit different monthly trends.
The labor force is the sum of the numbers of employed residents and those unemployed, that is residents not working but actively seeking work in the last four weeks. Estimates may not add up to the total labor force due to rounding.
For further information on seasonal adjustment methodology, please refer to the Bureau of Labor Statistics website https://www.bls.gov.
Local area unemployment statistics for October 2022 will be released on Tuesday, November 22, 2022. The preliminary November 2022 and revised October 2022 unemployment rate, labor force and job estimates for Massachusetts will be released on Friday, December 16, 2022. See the 2022 Media Advisory annual schedule for a complete list of release dates.
Detailed labor market information is available at www.mass.gov/economicresearch.