BOSTON — The Executive Office of Labor and Workforce Development (EOLWD) released Massachusetts unemployment and job estimates for August, with preliminary data indicating 3,600 more Massachusetts residents gained employment, which includes individuals in private and nonprofit jobs plus self-employed individuals and entrepreneurs, while payroll jobs decreased by 3,800. This follows a revised increase of 2,100 payroll jobs in July.
Additionally, 2,100 individuals in August entered the Massachusetts labor force for a total of approximately 3,963,700. The labor force participation rate (66.9%) and unemployment rate (4.8%) remained unchanged. Preliminary data is based on survey data provided by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS).
Despite a net loss in payroll jobs this month, there was some positive growth in BLS categories, including professional, scientific, and business services; trade, transportation, and utilities; and other services. In addition to payroll data, BLS also reports preliminary data that indicates 3,600 more Massachusetts residents were employed in August and 22,300 more over the year. Employed residents’ data includes individuals who are self-employed (e.g. contractors, physicians, and drivers) and is not captured in payroll job data.
“While this latest report offers a sign of somewhat stability amid economic uncertainty, the Healey-Driscoll administration remains focused on the people within our workforce — impacted workers seeking unemployment benefits, unemployed and underemployed individuals ready to access the job market and training opportunities, and employers eager to find skilled workers or to collaborate with training providers to attract, retain, and develop talent in Massachusetts,” Secretary of Labor and Workforce Development Lauren Jones said.
Mark Rembert, chief economist in EOLWD’s Department of Economic Research, added that “the good news this month is that the Massachusetts labor market shows signs of continued stability, even as the national economic picture worsens. Yet, it’s a complex and delicate stability. The unemployment rate is stable but remains elevated for some workers, particularly young workers. Employment is stable, but job growth has slowed, nationally and in Massachusetts. Job postings remain stable, but the hiring outlook is uncertain. This combination continues to create a challenging environment for job seekers.”