NEW: Rhode Island Unemployment Rate Dropped Slightly in February
GoLocalProv Business Team
NEW: Rhode Island Unemployment Rate Dropped Slightly in February
This marks the lowest unemployment rate for the state since October 2008.
The national unemployment rate was 6.7 percent in February 2014, up one-tenth of a percentage point from the previous month and down one percentage point over the year.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe number of unemployed RI residents—those residents classified as available for and actively seeking employment—was 49,700, down 800 from the revised January figure of 50,500. This represents the seventh consecutive over-the-month decrease and the lowest unemployment level since September 2008. Over the year, the number of unemployed dropped by 3,600.
The number of employed Rhode Island residents increased by 3,600 over the January figure, increasing to 503,300 in February. Over the year, the number of employed RI residents decreased 2,900 from February 2013.
The Rhode Island labor force totaled 552,900 in February 2014, up 2,600 from January 2014 but down 6,600 from February 2013.
8 Discouraging Facts About Unemployment in RI
Worst in the Country
9.2% unemployment rate for Jan. 2014.
Although the national unemployment rate for January was 6.6%, Rhode Island's jobless rate was 9.2% – making it the highest in the nation. The 9.2% figure is one-tenth of a percentage point lower than it was in December 2013.
Source of data: RI DLT
Number of Unemployed
64 consecutive months with 50,000 or more unemployed.
The number of unemployed Rhode Islanders decreased from 51,055 in Dec. 2013 to 50,600 in Jan. 2014. That said, the number of unemployed Rhode Islanders has not been below 50,000 since September 2008, which is 64 months.
North of Nine
Above 9% unemployment for 63 straight months.
So just how long has Rhode Island's unemployment rate been above 9 percent? According to RI Department of Labor and Training statistics, the state's jobless rate has been over 9% since November 2008. That's a staggering 63 consecutive months.
Source of data: RI DLT
Months at the Bottom
Seven consecutive months with the worst unemployment rate.
Rhode Island's unemployment rate has been worst in country each month since July 2013. Prior to that, the state was tied for worst in the nation with Nevada May 2013 when both states reported a jobless rate of 9.5%. As of Dec. 2013, Nevada's unemployment rate has dipped to 8.8%.
Sources of data: RI DLT; Bureau of Labor Statistics
Worst in New England
Lagging behind the rest of New England in job recovery.
The rest of New England's states have not reported their unemployment rates for Jan. 2014, but the most recent Bureau of Labor Statistics data shows that their respective jobless rates pale in comparison to Rhode Island. In fact the average New England unemployment rate for Dec. 2013 was 6.9%.
Here's the complete list:
- Vermont 4.2%
- New Hampshire 5.2%
- Massachusetts 6.4%
- Connecticut 6.9%
- Maine 7.4%
Source of data: Bureau of Labor Statistics
Number of Employed Residents
Nearly 6,500 less employed residents than a year ago.
Rhode Island's unemployment rate may be lower than it was in January 2013, but this isn't reflected in the number of employed Rhode Islanders. In fact, there are 6,498 less people employed now than in Jan. 2013.
Source of data: RI DLT
Shrinking Labor Force
Year-over-year decrease in total labor force.
Rhode Island's labor force increased by 200 to 550,300 in January, but the present workforce has shrunk by 9,700 compared to January 2013.
Source of data: RI DLT
2013 Average
Next to worst in the nation for 2013.
Rhode Island's average unemployment rate for 2013 was 9.5%, which was the second highest in the country, after Nevada.
Sources of data: RI DLT; Bureau of Labor Statistics
Photo: Flickr/bytemarks
