NEW: RI Job Growth Greater than Original Estimate for 4th Quarter

Thursday, April 10, 2014

GoLocalProv Business Team

Job Growth in Rhode Island is greater than originally estimated, with 2,100 more jobs than first reported in December 2013 according to the Department of Labor and Training's (DLT) most recent analysis of fourth quarter tax data. This brings the total number of Rhode Island-based jobs for December 2013 to 473,300.

DLT's quarterly tax data is obtained from the state's 32,000 employers and is considered to be more accurate than the survey-based data released earlier by DLT in conjunction with the US Bureau of Labor Statistics (BLS). The BLS estimates are sample-based estimates generated from a monthly survey of some 1,700 businesses.

Additionally, the estimates derived from tax data show that over the year, Rhode Island gained 5,200 jobs between December 2012 and December 2013, as compared to earlier BLS estimates showing a job gain of 3,100 for that period.

"The state must continue to focus on the fundamentals with our investments in education, infrastructure and workforce development," Governor Chafee said. "These investments continue to pay dividends, strengthen the economy and will allow Rhode Island to make additional progress forward."

Based on the tax data review, upward revision are projected for nine economic sectors with the largest expected in Professional & Business Services (+600), Information (+400), Financial Activities (+300), Other Services (+300) and Construction (+200). Government employment is also expected to be revised up (+200) due to more jobs at the local level. A downward revision of 200 jobs is projected for the Retail Trade sector.

"I am pleased to see that this latest tax data supports the continued job growth we are seeing in the state," said Director of the Department of Labor and Training Charles J. Fogarty. "I am especially glad to see much of this job growth is in the Professional & Business Services industry, a sector which typically pays higher than average wages."

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8 Discouraging Facts About Unemployment in RI

Worst in the Country

9.2% unemployment rate for Jan. 2014.

Although the national unemployment rate for January was 6.6%, Rhode Island's jobless rate was 9.2% – making it the highest in the nation. The 9.2% figure is one-tenth of a percentage point lower than it was in December 2013.

Source of data: RI DLT

Number of Unemployed

64 consecutive months with 50,000 or more unemployed.

The number of unemployed Rhode Islanders decreased from 51,055 in Dec. 2013 to 50,600 in Jan. 2014. That said, the number of unemployed Rhode Islanders has not been below 50,000 since September 2008, which is 64 months.

North of Nine

Above 9% unemployment for 63 straight months.

So just how long has Rhode Island's unemployment rate been above 9 percent? According to RI Department of Labor and Training statistics, the state's jobless rate has been over 9% since November 2008. That's a staggering 63 consecutive months.

Source of data: RI DLT

Months at the Bottom

Seven consecutive months with the worst unemployment rate.

Rhode Island's unemployment rate has been worst in country each month since July 2013. Prior to that, the state was tied for worst in the nation with Nevada May 2013 when both states reported a jobless rate of 9.5%. As of Dec. 2013, Nevada's unemployment rate has dipped to 8.8%.

Sources of data: RI DLT; Bureau of Labor Statistics

Worst in New England

Lagging behind the rest of New England in job recovery.

The rest of New England's states have not reported their unemployment rates for Jan. 2014, but the most recent Bureau of Labor Statistics data shows that their respective jobless rates pale in comparison to Rhode Island. In fact the average New England unemployment rate for Dec. 2013 was 6.9%.

Here's the complete list:

Vermont 4.2%
New Hampshire 5.2%
Massachusetts 6.4%
Connecticut 6.9%
Maine 7.4%

Source of data: Bureau of Labor Statistics

Number of Employed Residents

Nearly 6,500 less employed residents than a year ago.

Rhode Island's unemployment rate may be lower than it was in January 2013, but this isn't reflected in the number of employed Rhode Islanders. In fact, there are 6,498 less people employed now than in Jan. 2013.

Source of data: RI DLT