State Unemployment and Job Estimates for October| 04:08PM / Sunday, November 24, 2024 | |
BOSTON, Mass, — The state's October total unemployment rate was 3.9 percent, a 0.1 percentage point increase from the revised September estimate of 3.8 percent, the Executive Office of Labor and Workforce Development announced.
The Massachusetts unemployment rate was 0.2 percentage points lower than the national rate of 4.1 percent reported by the Bureau of Labor Statistics (BLS). Over-the-year, the state's seasonally adjusted unemployment rate was up by 0.5 percentage points.
The labor force increased by an estimated 3,000 from the revised estimate of 3,850,600 in September, with 300 more residents employed and 2,900 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 – remained steady at 66.4 percent. Compared to October 2023, the labor force participation rate increased by 1.4 percentage points over-the-year.
The BLS preliminary job estimates for Massachusetts decreased by 200 jobs in October. This follows September's revised loss of 1,800 jobs. The largest over-the-month private sector job gains were in Leisure and Hospitality, Financial Activities, and Manufacturing. Employment now stands at 3,744,300. Massachusetts gained 680,800 jobs since the employment low in April 2020.
From October 2023 to October 2024, BLS estimates Massachusetts gained 32,900 jobs. The largest over-the-year gains occurred in Education and Health Services, Leisure and Hospitality, and Government.
October 2024 Employment Overview
Leisure and Hospitality gained 1,600 jobs over-the-month. Over-the-year, 7,700 were added.
Financial Activities gained 1,300 jobs over-the-month. Over-the-year, 300 were added.
Construction gained 300 jobs over-the-month. Over-the-year, 4,700 were added.
Manufacturing gained 300 jobs over-the-month. Over-the-year, 3,000 were lost.
Other Services gained 100 jobs over-the-month. Over-the-year, 2,100 were added.
Professional, Scientific, and Business Services lost 100 jobs over-the-month. Over-the-year, 3,600 were added.
Information lost 200 jobs over-the-month. Over-the-year, 3,800 were lost.
Trade, Transportation, and Utilities lost 800 jobs over-the-month. Over-the-year, 1,300 were lost.
Government lost 1,000 jobs over-the-month. Over-the-year, 5,800 were added.
Education and Health Services lost 1,700 jobs over-the-month. Over-the-year, 16,800 were added.
Labor Force Overview
The October estimates show 3,704,000 Massachusetts residents were employed and 149,700 were unemployed, for a total labor force of 3,853,600. The unemployment rate at 3.9 percent was 0.1 percentage point higher than the revised September rate of 3.8 percent. Over-the-month, the October labor force increased by 3,000 from 3,850,600 in September, with 300 more residents employed and 2,900 more residents unemployed. The labor force participation rate, the share of the working age population employed and unemployed, remained at 66.4 percent. The labor force was up 98,400 from the October 2023 estimate of 3,755,200 following the annual revision, with 75,900 more employed residents, and 22,600 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.
The preliminary November 2024 and revised October 2024 unemployment rate, labor force, and job estimates for Massachusetts will be released on Friday, December 20, 2024. See the 2024 Media Advisory annual schedule for a complete list of release dates.
Detailed labor market information is available at www.mass.gov/economicresearch.
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