State Labor Department Data Shows June Economic Improvements
According to data released Thursday by the Massachusetts Department of Labor, the state saw improvements in June in both job creation and unemployment. The state added 10,500 jobs in June, the 10th month in a row of job growth, the Boston Herald reports. The state has seen almost 40,000 new jobs over the past four months. Meanwhile, the state’s unemployment rate held steady at 4.6%, down from 5.1% in January. The state’s labor force participation rate is “steadily growing,” and is up almost 1% since June 2014. However, for June it fell by 0.2%. Still, Massachusetts Labor and Workforce Development Secretary Ronald Walker II in a statement said, “We are seeing very strong job growth. Not only are jobs continuing to grow in many sectors, we are seeing many more people entering the labor force, encouraged by the strong job growth.” Echoing that sentiment, Donahue Institute economist Daniel Hodge said, “After a somewhat weak winter, which was partially set back by the severe storms in February, the employment hiring seems to be picking up quite a bit. a real strong number, any month that has over 10,000 jobs is a really strong month.” The Boston Business Journal notes that the state’s unemployment rate fell to 4.6% in May, and this marks the lowest unemployment rate for the state since December 2007.
What This Means For Small Businesses
Small businesses in the Boston area need to see encouraging indications of a strong economy in order to feel most comfortable growing their businesses in the area. The June jobs report from the state Labor Department is positive news for business owners because it suggests Massachusetts is continuing its economic rebound, and a trend of positive growth over 10 months suggests the rebound is likely to continue.
Additional Reading
NFIB previously noted the state’s positive job growth.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
