Massachusetts Unemployment and Job Estimates for July 2024| 12:39PM / Saturday, August 24, 2024 | |
BOSTON, Mass. — The Executive Office of Labor and Workforce Development announced the state's July total unemployment rate was 3.5 percent, a 0.3 percentage point increase from the revised June estimate of 3.2 percent.
The Massachusetts unemployment rate was 0.8 percentage points lower than the national rate of 4.3 percent reported by the Bureau of Labor Statistics (BLS). Over-the-year, the state's seasonally adjusted unemployment rate was up by 0.3 percentage points.
The labor force increased by an estimated 22,000 from the revised estimate of 3,806,600 in June, with 12,100 residents more employed and 9,900 more residents unemployed over-the-month. 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 – increased 0.3 percentage points over-the-month, to 66.0 percent, the highest it has been since September 2020. Compared to July 2023, the labor force participation rate also increased 1.0 percentage points over-the-year.
The BLS preliminary job estimates for Massachusetts decreased by 2,300 jobs in July. This follows June's revised gain of 16,400 jobs. The largest over-the-month private sector job gains were in Leisure and Hospitality, Financial Activities, and Transportation and Warehousing. Employment now stands at 3,750,200. Massachusetts gained 686,700 jobs since the employment low in April 2020.
From July 2023 to July 2024, BLS estimates Massachusetts gained 41,200 jobs. The largest over-the-year gains occurred in Education and Health Services, Government, and Leisure and Hospitality.
July 2024 Employment Overview
Government gained 3,700 jobs over-the-month. Over-the-year, 11,000 were added.
Leisure and Hospitality gained 2,400 jobs over-the-month. Over-the-year, 10,700 were added.
Financial Activities gained 400 jobs over-the-month. Over-the-year, 1,100 were added.
Trade, Transportation, and Utilities gained 300 jobs over-the-month. Over-the-year, 200 were added.
Construction lost 300 jobs over-the-month. Over-the-year, 5,200 were added.
Information lost 900 jobs over-the-month. Over-the-year, 4,000 were lost.
Professional, Scientific, and Business Services lost 900 jobs over-the-month. Over-the-year, 900 were added.
Other Services lost 1,400 jobs over-the-month. Over-the-year, 2,800 were added.
Manufacturing lost 2,100 jobs over-the-month. Over-the-year, 7,500 were lost.
Education and Health Services lost 3,500 jobs over-the-month. Over-the-year, 20,800 were added.
Labor Force Overview
The July estimates show 3,695,800 Massachusetts residents were employed and 132,800 were unemployed, for a total labor force of 3,828,600. The unemployment rate at 3.5 percent was 0.3 percentage points higher than the revised June rate of 3.2 percent. Over-the-month, the July labor force increased by 22,000 from 3,806,600 in June, with 12,100 more residents employed and 9,900 more residents unemployed. The labor force participation rate, the share of the working age population employed and unemployed, increased by 0.3 percentage points to 66.0 percent. The labor force was up 79,700 from the July 2023 estimate of 3,748,900 following the annual revision, with 67,500 more employed residents, and 12,200 more 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.
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.
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