April Unemployment Rate Down According To State, Federal Data
Massachusetts is experiencing a decline in unemployment and a rise in job creation as the nation’s overall economy improves, according to new data from the state office of Labor and Workforce Development. That data shows that while the US unemployment rate was 5.4% for the month, Massachusetts was 4.7%. This represents a 0.1% decline from March unemployment. So far in 2015 the national and state unemployment rates have fallen every month.
The Boston Herald notes that the state’s “labor participation rate,” or those 16 and older working or looking for work, rose “to a nearly five-year high of 66.3%” for April, signaling growth in job demand as well. Additional data from the latest US Bureau of Labor Statistics report shows the state added 10,100 jobs in April. The Herald notes that in a statement state Labor and Workforce Development Secretary Ronald Walker said, “Many more residents are employed, and labor participation has increased again.” Growth was particularly strong in the health services and education sectors, which added a combined 4,500 jobs for the month. Meanwhile, the scientific, professional, and business services sectors added a combined 3,700 jobs.
What This Means For Small Businesses
News of continued job growth means Massachusetts’ economy, and by extension its business climate, is headed in a positive direction. However, there are many indicators to look at when considering the small business climate in the state. Massachusetts still has a long way to go to foster a more small business-friendly environment.
Additional Reading
NFIB recently noted the struggles of a small business owner in the state when faced with a complex maze of contract procurement regulations in the state.
