According to the US Bureau of Labor Statistics (BLS), the Massachusetts unemployment rate closed May 2014 at 5.6%, down 1.4 percentage point (pp) from December 2013. The national unemployment rate, which closed June at 6.1%, is down 0.6 pp over the same time period.
As of May, job growth in Massachusetts was at 1.5% year-over-year, with roughly 50,000 new jobs created over the past 12 months. Strong growth was seen in the Professional and Business services sector as well as in the Leisure and Hospitality sector. Education and Health Services have also seen impressive growth over the past two quarters.
The unemployment rate in the Boston-Cambridge-Quincy metro area closed May at 4.4%, down 1.2 pp from 2013. When isolating the city of Boston alone, the BLS reports an unemployment rate 5.1%. This figure, while higher than the Boston-Cambridge-Quincy metro, represents a 1.80 pp decrease over the past year.
Source : Cushman & Wakefield