The Massachusetts economy continued to brighten during the second quarter with the unemployment rate closing May at 5.6%, down 70 basis points from March to its lowest level since October 2008, according to the US Bureau of Labor Statistics (BLS). The Bay State’s unemployment rate is once again holding firmly below the national rate, which closed June at 6.1%. The unemployment rate in the Boston-Cambridge-Quincy metro area held well below the state rate to close May at 4.4%.
As of May, state job growth stood at 1.5% year-over-year, with 49,700 jobs created during the past twelve months. Despite the recent spate of development activity, the Construction sector shrank a slight 2.0% (a net loss of 1,400 jobs) over the same period. A bright spot for industrial using employment, the Trade, Transportation, and Utilities sector added 5,000 jobs during the last year, while the Information sector added 3,200 jobs. Manufacturing employment was flat, with 20% fewer jobs in the sector than ten years ago.
Source : Cushman & Wakefield