Rhode Island Unemployment Rate Drops Again

The RI Department of Labor and Training announced Thursday that the state’s seasonally adjusted unemployment rate for October 2014 dropped to 7.4 percent, down two-tenths of a percentage point from the September 2014 rate and down two percentage points from the October 2013 rate. This is the lowest unemployment rate since May 2008. The unemployment rate is down one and nine-tenths percentage points since the beginning of the year.

The U.S. unemployment rate was 5.8 percent in October 2014, down one-tenth of a percentage point from the previous month and down one and four-tenths percentage points over the year. 

The number of unemployed RI residents—those residents classified as available for and actively seeking employment— was 40,900, down 1,400 from the September figure of 42,300.

This represents the 15th consecutive over-the-month decrease and the lowest unemployment level since April 2008. Over the year, the number of unemployed dropped by 11,200.

A total of 8,866 individuals collected Unemployment Insurance (UI) benefits in October 2014,* down from 9,967 a year ago. This month, UI claimants accounted for 25.3 percent of the total unemployed

Highlights

• The RI unemployment rate declined to 7.4%, its lowest level since May 2008.
  
• The number of RI-based jobs is down 2,600 from September 2014 and up 3,600 since October 2013.
  
• The number of unemployed RI residents decreased by 1,400 over the month.
  
• There were 8,866 individuals collecting Unemployment Insurance benefits in October.*
  

The number of employed RI residents was 514,600, up 1,200 from the September figure of 513,400. Over the year, the number of employed RI residents was up 14,700 from October 2013.

The RI labor force totaled 555,400 in October 2014, down 400 from September 2014 and up 3,400 from October 2013.

Jobs based in Rhode Island

Estimated nonfarm payroll in Rhode Island totaled 476,500 in October, reflecting a loss of 2,600 jobs from the revised September employment estimate of 479,100.

An unprecedented decline of 1,200 jobs was reported in the Professional and Business Services sector, as large job declines were noted in landscaping services and smaller declines noted in employment services. The largest job loss ever within this sector was a loss of 1,400 jobs reported in April 1991.

Short-term building projects which began in September, wrapped up by October, resulted in a loss of 700
Construction jobs. Payroll declines reported in ambulatory health services led to a loss of 500 jobs in the Health Care and Social Assistance sector.

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