RI DLT Press Release Sept. 20 2024

Rhode Island-Based Jobs Rose by 300 from July;

August Unemployment Rate Increased to 4.6 Percent

CRANSTON, R.I. – Jobs at Rhode Island businesses rose by 300 jobs in August as the state’s unemployment rate increased by one-tenth of a percentage point to 4.6 percent. Over the year, jobs were up 4,200 from August 2023, and the unemployment rate was up one and seven-tenths percentage points. 

Rhode Island’s Labor Force

The August unemployment rate was 4.6 percent, up one-tenth of a percentage point from the July rate. Last year, the rate was 2.9 percent in August.

The U.S. unemployment rate was 4.2 percent in August, down one-tenth of a percentage point from July. The U.S. rate was 3.8 percent in August 2023. 

The number of unemployed Rhode Island residents — those residents classified as available for and actively seeking employment — was 27,300, up 500 from July.

The number of unemployed residents was up 10,600 over the year.

The number of employed Rhode Island residents was 564,400, down 900 over the month but up 7,000 over the year.

The Rhode Island labor force totaled 591,800 in August, down 300 over the month but up 17,700 from August 2023.

The labor force participation rate was 65.2 percent in August, unchanged from July, and up from 63.6 in August 2023. Nationally, 62.7 percent of U.S. residents participated in the labor force.

Unemployment Insurance claims* for first-time filers averaged 731 in August, down from 1,559 in July. Claims were down an average of 13 a week from August 2023.

Rhode Island-Based Jobs

The number of total nonfarm jobs in Rhode Island was 508,800 in August, an increase of 300 jobs from the revised July jobs figure of 508,500. Over the year, total nonfarm jobs are up 4,200 or 0.8 percent. Nationally, jobs were up 1.5 percent or nearly 2.4 million from a year ago. The number of private sector jobs in Rhode Island was up 200 in August and up 2,600 from August 2023. 

August Nonfarm Payroll Notes…

·     In August, Rhode Island added 300 nonfarm jobs, ending three consecutive months of job declines.

·     The reported loss of 400 jobs in July was revised down by 1,800, resulting in a loss of 2,200 jobs from June to July. Government (-600), Administrative & Waste Services (-400), and Educational Services (-400) reported the largest downward revisions.

·     Rhode Island has lost a total of 4,900 jobs over the past four months, an average loss of 1,225 jobs a month.

·     The largest monthly job gains were noted in the Real Estate, Rental & Leasing (+400) sector, followed by the Educational Services (+200) and Health Care & Social Assistance (+200) sectors.

·     The largest monthly job losses in August were reported in the Accommodation & Food Services, Arts, Entertainment & Recreation, and Construction sectors, with each sector shedding 200 jobs from July. 

Manufacturing Hours and Earnings

In August, production workers in the Manufacturing sector earned $26.01 per hour, down 34 cents from July, but up fifty-one cents from August 2023.

Manufacturing employees worked an average of 40.5 hours per week in August, up six-tenths of an hour over the month, and up two and one-tenth hours from a year ago.