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Distressing news on jobs in March: Total RI jobs were down 3,100 from the revised February jobs figure. (February’s job total was revised upward by 100 jobs.) Job losses were spread among nine of the ten major industry sectors. The Manufacturing sector (-700) posted the largest job loss. Construction was the only major industry sector reporting an increase (+200) over the month. |
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While March data are not yet available for the rest of New England, Rhode Island showed an annual decline in private sector jobs through February (-1.7%) – losing 7,400 jobs between February 2007 and February 2008. Job growth was up by 0.5 percent in both Connecticut and Massachusetts. (CT and MA data are preliminary.)
Our March 2008 unemployment rate climbed 0.2 of a percentage point to 6.1 percent, its highest level since August 1995 (6.1%). It was up by 1.2 percentage points from the March 2007 rate of 4.9 percent. |
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The number of unemployed RI residents climbed by 1,600 in March to 35,100, its highest level since June 1994 (35,200). It was 6,700 above the year ago level of 28,400.
The number of RI residents employed in March was unchanged from February’s level of 537,700 but was down 10,800 from March 2007.
RI private sector jobs in March were 2,900 below February’s level, reducing the number of private sector jobs created since December 2002 to 6,200. |
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RI MONTHLY JOB CHANGES (seasonally adjusted)
The total job count in Rhode Island declined by 3,100 from February’s revised level to 484,800 in March as nine of the ten major sectors showed job losses. On the national level, US payroll employment fell for the third straight month, declining by 80,000 in March.
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In RI, job losses in Manufacturing (-700); Trade, Transportation & Utilities (-500); Professional & Business Services (-500); Financial Activities (-400); Education & Health Services (-400); Other Services (-300); Leisure & Hospitality (-200); Government (-200); and Information (-100) overshadowed a small increase in Construction (+200). |
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The US economy declined by 80,000 jobs in March. Job losses in Construction (-51,000); Manufacturing (-48,000); Professional & Business Services (-35,000); Trade, Transportation & Utilities (-20,000); Information (-6,000); and Financial Activities (-5,000) more than offset job gains in Education & Health Services (+42,000), Government (+18,000), Leisure & Hospitality (+18,000) and Other Services (+1,000). |
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Compared to March 2007, RI jobs were down 10,100 overall, a 2.0 percent decrease. Eight sectors showed over-the-year job declines: Manufacturing (-2,700); Professional & Business Services (-2,600); Construction (-1,800); Financial Activities (-1,800); Trade, Transportation & Utilities (-1,600); Leisure & Hospitality (-500); Other Services (-400); and Government (-300). Education & Health Services and Information showed the only over-the-year job gains of 1,300 and 300, respectively. |
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Through March 2008, Rhode Island had a net gain of 4,100 total jobs since December 2002. Education & Health Services (+10,100) led all job gains, followed by Professional & Business Services (+5,700), Leisure & Hospitality (+3,000), Construction (+1,700), Other Services (+400); and Financial Activities (+300). Manufacturing had the largest loss (-12,000), followed by Trade, Transportation & Utilities (-2,600); Government (-2,100); and Information (-400).
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| Rhode Island's seasonally adjusted unemployment rate rose 0.2 of a percentage point in March 2008 to 6.1 percent, its highest level since August 1995. |
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RI’s jobless rate in March increased to 6.1 percent, its highest level in over 12 years. It was up 0.2 of a percentage point from February’s rate and 1.2 percentage points from last March.
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| RI’s seasonally adjusted March unemployment rate was above the US rate for March (5.1%), which rose 0.3 of a percentage point from February. |
| The number of employed RI residents showed no change from February to March 2008 but was down 10,800 from March 2007. |
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Our labor force grew by 1,500 in March 2008 due to a large increase in the number of unemployed RI residents (+1,600).
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RI's unemployment rate for February 2008 (5.9%) was above the rates for both Massachusetts (4.5%) and Connecticut (5.0%). (March data for MA and CT are not yet available.) |
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The number of RI residents classified as unemployed increased by 1,600 in March to 35,100, the highest level since June 1994. |
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The number of unemployed Rhode Island residents increased (+1,600) in March to 35,100, the highest level in nearly 14 years.
For the seventh straight month, the number of unemployed RI residents was higher than its respective prior year level.
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The sizeable increase in the number of unemployed residents pushed our unemployment rate up to 6.1 percent in March 2008.
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The increase in the number of unemployed in March was accompanied by a rise in our Unemployment Insurance (UI) claims data over 2007 levels, reflecting the continued slowdown in the labor market.
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RI Initial Claims for unemployment benefits through the first 14 weeks of 2008 were 13.9 percent above the same period in 2007. They were up 6.8 percent in 2007 from 2006 levels during the same period. |
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US Initial Claims were up 7.9 percent over the first 11 weeks of 2008 compared to 2007. They were up 8.3 percent in 2007 compared to the same period in 2006. |
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Also, the number of RI Continued Claims – those individuals collecting unemployment benefits – was 14.1 percent above 2007 figures through the first 14 weeks of the year. They were up 5.3 percent in 2007 from 2006 levels during the same period. |
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US Continued Claims increased 9.9 percent over the first 11 weeks of 2008 compared to 2007. They were up 1.1 percent in 2007 from 2006. |
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The number of Final Payments for those on the regular UI program was up 28.0 percent during the first 14 weeks of 2008 when compared to the same period in 2007. It was down 1.1 percent in 2007 compared to the same period in 2006. |
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RI's Insured Unemployment Rate (the number of individuals collecting as a percentage of covered employment) for the first 13 weeks of 2008 was significantly above our 2006 and 2007 levels.
RI’s Insured Unemployment Rate was 16.5 percent above the prior two-year average in the last week of March.
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OTHER LOCAL ECONOMIC ITEMS IN THE NEWS
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FM Global, one of the largest commercial-property insurers, is about to begin construction on a new four-story headquarters, adjacent to its existing location in Johnston. About 770 people currently work at the Johnston facility. The project is expected to be completed by mid-2009. (Providence Journal 4/09/08) |
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Fidelity Investments plans to move 1,400 employees, including Boston-based employees and other RI staff, into a new building at its Smithfield complex by the end of 2008. Fidelity currently employs about 2,200 workers. (Providence Journal 3/27/08) |
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Electric Boat, a division of General Dynamics, is planning to hire 200 engineers and 200 designers for upcoming projects. Although EB employs about 2,000 tradesmen in North Kingstown, the new employees will be assigned to the Groton, Connecticut shipbuilding facilities. (Providence Business News 3/24-29/08) |
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Raymour & Flanigan, a NY furniture retailer that bought Alpert’s Furniture a year ago, opened its first store in Rhode Island at Quaker Lane in Warwick. The privately held chain has expanded to 78 stores. The Warwick store will employ 38 people. (Providence Journal 4/06/08) |
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Aspen Aerogels, a Massachusetts based manufacturing company that makes high-tech insulating material, recently expanded into East Providence. The company now has about 100 employees in total, with 20 workers based at the RI facility. (Providence Journal 4/09/08) |
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KIK Custom Products, a Canadian-based maker of over-the-counter medical, pharmaceutical and personal-care products sold under other companies’ brands, plans to close its Cumberland plant around October and layoff 400 people. (Providence Journal 3/25/08) |
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The Homestead Group, a Woonsocket agency that assists people who have developmental disabilities, plans to cut some of its programs and layoff 22 staff members due to budget reductions. The agency has 900 full- and part-time staff. (Associated Press 3/18/08) |
