State Added 7,200 Jobs Last Month, Unemployment Rate Steady
According to the latest Massachusetts Labor Department data, in July the state added 7,200 new jobs, bringing the total number of jobs added in 2015 to 46,200. The state’s unemployment rate held at 4.7%, the same as the revised unemployment rate for June. Over the past year the state has seen its unemployment rate fall from 5.7% in July 2014 to the current 4.7%. However, there were still an estimated 170,000 unemployed Massachusetts residents in July. Job growth for the month was particularly strong in the health services and education sectors, but manufacturing saw a boost as well, and is now up 1% for 2015. The Boston Globe notes that education and health services added 3,600 jobs for the month, while the professional, scientific, and business services sectors added 2,000 jobs. However, job losses were seen in the construction, financial services, and hospitality and tourism sectors.
What This Means For Small Businesses
The latest job numbers indicate a positive economy for Massachusetts’ small businesses. In comments to the Boston Herald, UMass Donahue Institute senior research manager Branner Stewart said the numbers show “a continuation of fairly robust jobs growth” and “a fairly robust economic expansion taking place in the state.” Of particular note, Stewart said, was that the state is ninth-best in the US for total job growth, with an unemployment rate far below the US average of 5.3%. The state’s small businesses are likely to benefit from robust growth taking place across sectors, but Stewart advised keeping a close eye on jobs data over the next few months.
Additional Reading
NFIB previously noted Massachusetts’ job growth and stabilizing unemployment rate.
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.
