Massachusetts unemployment rate dips so slightly to 3.4 percent

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BOSTON, MA – December 16, 2022The state’s November total unemployment rate was 3.4 percent, down 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 17,300 jobs in November. This follows last month’s revised gain of 10,000 jobs. The largest over the month private sector job gains were in Leisure and Hospitality, Education and Health Services, and Trade, Transportation, and Utilities. Employment now stands at 3,710,600.  Since the employment trough in April 2020, Massachusetts gained 677,100 jobs.

From November 2021 to November 2022, BLS estimates Massachusetts gained 144,200 jobs. The largest over the year gains occurred in Leisure and Hospitality, Education and Health Services, and Professional and Business Services.

The November unemployment rate of 3.4 percent was three-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 13,000 from 3,745,600 in October, with 7,300 fewer residents employed, and 5,800 fewer residents unemployed over-the-month.

Over-the-year, the state’s seasonally adjusted unemployment rate was down by 1.4 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 0.2 percentage point at 65.3 percent over-the-month. Compared to November 2021, the labor force participation rate was down three-tenths of a percentage point.

November 2022 Employment Overview

Leisure and Hospitality gained 5,700 jobs over the month. Over the year, 29,100 were added.

Education and Health Services gained 3,700 jobs over the month. Over the year, 28,400 were added.

Government gained 3,000 jobs over the month. Over the year, 13,000 were added.

Trade, Transportation, and Utilities gained 2,900 jobs over the month. Over the year, 18,300 were added.

Professional, Scientific, and Business Services gained 1,400 jobs over the month. Over the year, 28,400 were added.

Other Services gained 1,000 jobs over the month. Over the year, 1,200 were lost.

Information gained 500 jobs over the month. Over the year, 6,400 were added.

Construction gained 300 jobs over the month. Over the year, 10,900 were added.

Financial Activities lost 300 jobs over the month. Over the year, 4,800 were added.

Manufacturing lost 1,000 jobs over the month. Over the year, 6,100 were added.

Labor Force Overview

The November estimates show 3,607,200 Massachusetts residents were employed and 125,300 were unemployed, for a total labor force of 3,732,600. The unemployment rate at 3.4 percent was down 0.1 percentage point from the revised October rate of 3.5 percent. Over-the-month, the November labor force declined by 13,000 from 3,745,600 in October, as 7,300 fewer residents were employed, and 5,800 fewer residents were unemployed. The labor force participation rate, the share of working age population employed and unemployed, decreased by two-tenths of a percentage point to 65.3 percent over-the-month. The labor force was down 22,100 from the November 2021 estimate of 3,754,700, with 31,700 more employed residents, and 53,900 fewer unemployed residents.

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.

NOTES:

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 November 2022 will be released on Tuesday, December 20, 2022. The preliminary December 2022 and revised November 2022 unemployment rate, labor force and job estimates for Massachusetts will be released on Friday, January 20, 2023. 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.

East Boston