NEW: RI Unemployment Rate Drops to Lowest Level Since 2008

NEW: RI Unemployment Rate Drops to Lowest Level Since 2008

Rhode Island’s seasonally adjusted unemployment rate for March 2014 dropped to 8.7 percent, down three-tenths of a percentage point from the February 2014 rate and down eight-tenths of a percentage point from the March 2013 rate, according to numbers released by the The RI Department of Labor and Training on Thursday.

This is the lowest unemployment rate since September 2008. The unemployment rate is down six-tenths of a percentage point since the beginning of the year.

The U.S. unemployment rate was 6.7 percent in March 2014, unchanged from the previous month and down eight-tenths of a percentage point over the year.

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The number of unemployed RI residents—those residents classified as available for and actively seeking employment—was 48,500, down 1,100 from the revised February figure of 49,600. This represents the eighth consecutive over-the-month decrease and the lowest unemployment level since August 2008. Over the year, the number of unemployed dropped by 4,500.

The number of employed RI residents was up 2,700 over the February figure, increasing to 506,000 in March. Over the year, the number of employed RI was unchanged from March 2013.

The RI labor force totaled 554,400 in March 2014, up 1,500 from February 2014 but down 4,600 from March 2013.