RI DLT News Release 7/18/2024

Rhode Island-Based Jobs Fell by 700 from May;

June Unemployment Rate Remained at 4.3 Percent

CRANSTON, R.I. – Jobs at Rhode Island businesses fell by 700 jobs in June as the state’s unemployment rate remained at 4.3 percent. Over the year, jobs were up 5,500 from June 2023, and the unemployment rate was up one and seven-tenths percentage points.

Rhode Island’s Labor Force

The June unemployment rate was 4.3 percent, unchanged from the May rate. Last year, the rate was 2.6 percent in June.

The U.S. unemployment rate was 4.1 percent in June, up one-tenth of a percentage point from May. The U.S. rate was 3.6 percent in June 2023.

The number of unemployed Rhode Island residents — those residents classified as available for and actively seeking employment — was 25,500, up 400 from May. The number of unemployed residents was up 10,700 over the year.

The number of employed Rhode Island residents was 564,800, up 1,300 over the month and up 6,700 over the year.

The Rhode Island labor force totaled 590,300 in June, up 1,700 over the month and up 17,400 from June 2023.

The labor force participation rate was 65.1 percent in June, up from 64.9 in May, and up from 63.5 in June 2023. Nationally, 62.6 percent of U.S. residents participated in the labor force.

Unemployment Insurance claims* for first-time filers averaged 825 in June, up from 701 in May. Claims were up an average of 91 a week from June 2023.

Rhode Island-Based Jobs

The number of total nonfarm jobs in Rhode Island was 511,200 in June, a decrease of 700 jobs from the revised May jobs figure of 511,900. Over the year, total nonfarm jobs are up 5,500 or 1.1 percent. Nationally, jobs were up 1.7 percent or 2.6 million from a year ago. The number of private sector jobs in Rhode Island was down 1,600 in June but up 4,100 from June 2023.

June Nonfarm Payroll Notes…

·     In June, Rhode Island lost 700 nonfarm jobs, marking two consecutive months of job declines.

·     The reported loss of 1,100 jobs in May was revised down by 700, resulting in a loss of 1,800 jobs from April to May.

·     Rhode Island has lost 1,400 jobs over the past three months, an average loss of 500 jobs a month.

·     Accommodation & Food Services and Arts, Entertainment & Recreation both lost 600 jobs in June.

·     In addition, the Educational Services and Professional & Technical sectors both reported a decrease of 500 jobs.

·     Government jobs rose by 900 in June with 700 of the jobs coming from State Government. State Government employment fell by 900 jobs in May.

Manufacturing Hours and Earnings

In June, production workers in the Manufacturing sector earned $25.37 per hour, down 15 cents from May, but up seventy-eight cents from June 2023.

Manufacturing employees worked an average of 40.7 hours per week in June, up two-tenths of an hour over the month, and up two hours from a year ago