BOSTON – The Executive Office of Labor and Workforce Development today reported that the Bureau of Labor Statistics’ preliminary August 2012 estimates show that Massachusetts lost 4,800 jobs over the month, for a total of 3,243,200 jobs. The August job loss follows a revised gain of 300 jobs in July.
The total unemployment rate inched up from 6.1 percent in July to 6.3 percent in August. The unemployment rate is down 1.1 percentage points from the August 2011 rate of 7.4 percent. The three-month average seasonally adjusted total unemployment rate was 6.1 percent and the six-month average was 6.2 percent.
Year to date jobs are up 31,400 with private sector jobs up 29,900. Professional, Scientific, and Business Services; Trade, Transportation, and Utilities show the largest gains.
Over the year, August 2011 to August 2012, jobs are up 40,200. Private sector jobs are up 41,000, for a growth rate of 1.5 percent with gains in six of the ten sectors.
Financial Activities added 300 (+0.1%) jobs with gains in both components. Over the year, the sector has lost 1,400 (-0.7%) jobs.
Mining and Logging employment gained 100 (+10.0%) jobs while over the year employment remained unchanged.
Manufacturing had no change in employment over the month as the gain in Durable Goods offset the loss in Non-Durable Goods. Over the year Manufacturing has added 2,100 (+0.8%) jobs.
Education and Health Services lost 2,600 (-0.4%) jobs in August. Educational Services lost 2,000 (-1.3%) jobs and Health Care and Social Assistance lost 600 (-0.1%) jobs. Over the year, Education and Health Services added 2,800 (+0.4%) jobs.
Professional, Scientific, and Business Services lost 1,900 (-0.4%) jobs over the month, the sector’s first monthly loss since June 2011. Over the year, the sector added 24,300 (+5.1%) jobs due mostly to growth in Professional, Scientific, and Technical Services, which added 15,200 (+5.9%) jobs. Administrative, Support, and Waste Management and Management of Companies also had significant gains over the year with 7,600 (+4.7%) jobs.
Trade, Transportation, and Utilities shed 1,400 (-0.2%) jobs due to losses in Retail Trade. Year to date, the sector added 9,500 (+1.7%) jobs. Over the year, the sector added 10,100 (+1.8%) jobs with most of the growth in Retail Trade which gained 6,300 (+1.8%) jobs.
Construction lost 1,400 (-1.4%) jobs over the month. Over the year, jobs are down 5,200 (-4.9%) jobs.
Leisure and Hospitality lost 800 (-0.3%) jobs over the month as both components recorded a loss. Over the year, Leisure and Hospitality gained 1,300 (+0.4%) jobs.
Information lost 400 (-0.5%) jobs over the month. Over the year, the sector added 9,200 (+11.8%) jobs.
Other Services lost 100 (-0.1%) jobs over the month. Over the year, the sector lost 2,200 (-1.8%) jobs.
Government gained 3,400 (+0.8%) jobs over the month. State Government posted a 2,500 (+2.0%) jobs gain over the month while Federal government added 1,300 (+2.8%) jobs. Local Government lost 400 (-0.2%) jobs. Over the year, Government lost 800 (-0.2%) jobs.
Labor Force Overview
The August 2012 estimates show 3,229,600 Massachusetts residents were employed and 218,800 were unemployed, for a total labor force of 3,448,400. Over the year, 33,000 more residents are employed and 34,800 fewer residents are unemployed. Since the unemployment rate peaked at 8.7 percent in October 2009, there are 69,100 more residents employed and 82,200 fewer residents unemployed. Totals may not sum exactly due to rounding.
The unemployment rate is based on a monthly sample of households. The job estimates are derived from a monthly sample survey of employers.