National employment trends were mixed in March, according to data released by the Bureau of Labor Statistics today.
The unemployment rate ticked down one tenth of one percentage point over the last month, to 7.6 percent. Compared to a year ago, the unemployment rate has fallen six tenths of a percentage point.
Minority unemployment rates remain high, but are also improving. Black unemployment was 13.3 percent, down half a percentage point. Hispanic unemployment was 9.2 percent after a similar decline. Teens 16-19 years of age continue to have the highest unemployment rate at 24.2 percent; yet even this group saw their rate drop by almost a full percentage point. Veterans of the second Gulf War also experience high unemployment in the civilian world, with a rate of 9.2 percent.
Employers added 88,000 jobs in March, mostly in the construction, business and professional services, and education and health services sectors. Retail trade lost the most jobs during the month.
More troubling, the labor force participation rate fell two tenths of a percentage point to 63.3 percent as 496,000 Americans stopped working or looking for work.
Showing posts with label labor force. Show all posts
Showing posts with label labor force. Show all posts
Friday, April 5, 2013
Friday, October 19, 2012
MD unemployment down to 6.9 percent
BLS released state-level employment figures for September this morning. Maryland's unemployment rate fell for the first time in six months, to 6.9 percent.
More than 11,000 Marylanders joined the ranks of the employed, as state employers added 9,800 jobs. Every industry sector added jobs or was flat, except for financial services which lost 300. The largest gains were in professional and business services (4,100 new jobs) and trade, transportation, and utilities (2,000 new jobs).
Positive employment trends such as those shown here are good news for Marylanders and the state's budget. Increased employment means more income tax and more purchases resulting in sales tax, the two main components of state revenue. It also suggests that demand for social services may decline in the future, if the jobs added pay a living wage. If this trend continues, Maryland will be better positioned to pay for the investments in schools, roads, public safety, parks, and healthcare that make this state great.
Of course, as we highlighted earlier today, if Congress fails to act to avert sequestration or the fiscal cliff Maryland could be back at square one.
More than 11,000 Marylanders joined the ranks of the employed, as state employers added 9,800 jobs. Every industry sector added jobs or was flat, except for financial services which lost 300. The largest gains were in professional and business services (4,100 new jobs) and trade, transportation, and utilities (2,000 new jobs).
Positive employment trends such as those shown here are good news for Marylanders and the state's budget. Increased employment means more income tax and more purchases resulting in sales tax, the two main components of state revenue. It also suggests that demand for social services may decline in the future, if the jobs added pay a living wage. If this trend continues, Maryland will be better positioned to pay for the investments in schools, roads, public safety, parks, and healthcare that make this state great.
Of course, as we highlighted earlier today, if Congress fails to act to avert sequestration or the fiscal cliff Maryland could be back at square one.
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