Unemployment continues drop from five-year low
Maine’s unemployment rate dropped in February to 6.1%, down from 6.2% in January, which was the lowest level since October 2008. The rate was 6.9% one year ago.
The Maine Department of Labor reported the latest figures keep Maine’s percentage of out-of-work job seekers lower than the national average of 6.7% and the average across New England of 6.4%. The total estimate of unemployed people was 6,000 less than one year ago, at 43,072.
The drop in unemployment comes as the preliminary estimate of Maine’s civilian labor force hit a record high of 711,483, rising by more than 2,000 in February from January. By comparison, Maine’s labor force grew by the same number from January 2012 to January 2014, in revised figures.
Clarification: Monthly labor force estimates from the U.S. Bureau of Labor Statistics can fluctuate dramatically over short periods of time, according to Glenn Mills, chief economist for the Maine Department of Labor's Center for Workforce Research.
"There is no chance the labor force grew as fast last month as it did over the prior two years," Mills wrote in an email to Mainebiz. "The more important and credible message users should take is that the labor force has been steadily growing for four years"
Across the region, the unemployment rate was 3.7% in Vermont, 4.7% in New Hampshire, 6.5% in Massachusetts, 7.0% in Connecticut and 9.0% in Rhode Island.
A monthly survey of payroll jobs showed a total increase of 6,300 jobs, led by the addition of 7,400 private sector jobs. Those gains were offset by a loss of 1,100 government jobs since February 2013.
Most Recent
Most Recent
Comments