Third Quarter Job Numbers More than 3,000 Greater Than Originally Estimated
The Department of Labor and Training’s (DLT) most recent analysis of third quarter tax data indicates that Rhode Island job growth continued to be greater than originally estimated, with 3,300 more jobs than first reported in September 2013. This would bring the total number of Rhode Island-based jobs for September 2013 to 472,100. This is the third consecutive quarter in 2013 for which tax estimates indicate higher job counts than originally reported.
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 6,500 jobs between September 2012 and September 2013, as compared to earlier BLS estimates showing a job gain of 3,200 for that period. The private sector was responsible for all of the job growth (+6,600), while public sector employment decreased by 100 jobs.
These revised estimates indicate that the state outperformed its year-over-year job growth from the same time period last year when 3,800 jobs were added from September 2011 to September 2012. Through September 2013, the state has regained 15,300 (38.6%) of the 39,600 jobs loss during the recession. Of the 36,100 private sector job loss during the recession, 17,100 (47.4%) have been regained.
"The latest estimates show that the Rhode Island economy is continuing to move in the right direction," said Governor Lincoln D. Chafee. “We continue to see encouraging growth in key industry sectors. My goal is to have the state continue to focus on the fundamentals with investments in education and workforce development to allow Rhode Island to make additional progress and exceed predictions."
The sector with the most significant upward revision is Accommodation & Food Services, with 1,700 more Rhode Island-based jobs in September than originally estimated. Also, the Health Care & Social Assistance sector showed a significant upward revision, with 1,300 more RI-based jobs in September. Other sectors with notable upward revisions include Construction and Arts, Entertainment & Recreation, each with 500 more jobs than originally estimated. Smaller upward revisions of 300 in Manufacturing and Educational Services, and 100 in Other Services are also expected.
“These revised estimates indicate that the state has experienced solid job growth over the year,” said Director of the Department of Labor and Training Charles J. Fogarty. It is especially pleasing to see that much of that growth has been in high wage industry sectors.”Small downward revisions are projected for six economic sectors - Financial Activities (-400), Professional & Business Services (-300), Information (-200), Transportation & Utilities (-200), Wholesale Trade (-100) and Retail Trade (-100).
ABOUT DLT: The RI Department of Labor and Training offers employment services, educational services and economic opportunity to both individuals and employers. DLT protects Rhode Island’s workforce by enforcing labor laws, prevailing wage rates and workplace health and safety standards. The department also provides temporary income support to unemployed and temporarily disabled workers. For more information, please call the RI Department of Labor and Training at (401) 462-8000 or visit the website at www.dlt.ri.gov.