Another lousy ‘jobs’ report; few signs of life in the RI economyJuly 20th, 2012 at 8:49 am by Ted Nesi under Nesi's Notes, On the Main Site
Busy day ahead so blogging will be light, but I have to take note of this morning’s gloomy employment report from the R.I. Department of Labor and Training.
The seasonally adjusted unemployment rate ticked down again – it was 10.9% in June, only the second month it’s been below 11% since June 2009. But every other comparison with that month – when the Great Recession officially ended nationwide – is a picture of stagnation locally.
The number of unemployed Rhode Islanders last month was 60,266, barely changed from the 61,281 unemployed three years earlier. The number of employed Rhode Islanders has fallen to 494,982, down from 503,353 then. Rhode Island’s labor force has shed 9,386 people over that period, falling to 555,248.
The state’s total nonfarm payroll has dropped to 457,100, lower than in June 2009. As the nation added about 3 million jobs over the last three years, Rhode Island actually lost ground.
Rhode Island’s job market peaked in January 2007, which is now five and a half years ago. Without a major economic boom, it’s growing difficult to imagine how the state’s job market will avoid suffering a lost decade.
• Related: Providence one of only two big US metro areas still losing jobs (July 20)