Press Release  Massachusetts Unemployment and Job Estimates for August 2024

BOSTON — The state’s August total unemployment rate was 3.7 percent, a 0.2 percentage point increase from the revised July estimate of 3.5 percent, the Executive Office of Labor and Workforce Development announced Friday. The Massachusetts unemployment rate was 0.5 percentage points lower than the national rate of 4.2 percent reported by the Bureau of Labor Statistics (BLS). Over-the-year, the state’s seasonally adjusted unemployment rate was up by 0.4 percentage points.

The labor force increased by an estimated 15,500 from the revised estimate of 3,828,700 in July, with 5,300 more residents employed and 10,300 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 0.2 percentage points over-the-month, to 66.3 percent, the highest it has been since January 2020. Compared to August 2023, the labor force participation rate increased 1.3 percentage points over-the-year.

The BLS preliminary job estimates for Massachusetts increased by 1,300 jobs in August. This follows July’s revised loss of 4,100 jobs. The largest over-the-month private sector job gains were in Construction, Education and Health Services, and Trade, Transportation, and Utilities. Employment now stands at 3,749,700. Massachusetts gained 686,200 jobs since the employment low in April 2020.

From August 2023 to August 2024, BLS estimates Massachusetts gained 40,000 jobs. The largest over-the-year gains occurred in Education and Health Services, Government, and Leisure and Hospitality.

August 2024 Employment Overview

• Construction gained 1,600 jobs over-the-month. Over-the-year, 6,600 were added.
• Trade, Transportation, and Utilities gained 1,400 jobs over-the-month. Over-the-year, 1,500 were added.
• Education and Health Services gained 1,400 jobs over-the-month. Over-the-year, 21,200 were added.
• Government gained 800 jobs over-the-month. Over-the-year, 10,800 were added.
• Manufacturing gained 700 jobs over-the-month. Over-the-year, 5,400 were lost.
• Financial Activities gained 200 jobs over-the-month. Over-the-year, 1,900 were added.
• Professional, Scientific, and Business Services had no change in 0 jobs over-the-month. Over-the-year, 400 were lost.
• Other Services lost 700 jobs over-the-month. Over-the-year, 2,100 were added.
• Information lost 1,200 jobs over-the-month. Over-the-year, 5,200 were lost.
• Leisure and Hospitality lost 2,900 jobs over-the-month. Over-the-year, 6,900 were added.

Labor Force Overview

The August estimates show 3,701,100 Massachusetts residents were employed and 143,100 were unemployed, for a total labor force of 3,844,200. The unemployment rate at 3.7 percent was 0.2 percentage points higher than the revised July rate of 3.5 percent. Over-the-month, the August labor force increased by 15,500 from 3,828,700 in July, with 5,300 more residents employed and 10,300 more residents unemployed. The labor force participation rate, the share of the working age population employed and unemployed, increased by 0.2 percentage points to 66.3 percent. The labor force was up 91,400 from the August 2023 estimate of 3,752,800 following the annual revision, with 73,200 more employed residents, and 18,300 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.

NOTES:

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 September 2024 and revised August 2024 unemployment rate, labor force, and job estimates for Massachusetts will be released on Friday, October 18, 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.  

This workforce product was funded by a grant awarded by the U.S. Department of Labor's Employment and Training Administration. 

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