Thursday, April 20, 2023
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Rhode Island businesses lost 700 jobs in March as the state’s unemployment rate remained at 3.1 percent. Over the year, jobs increased by 7,700 compared to March 2024 and the unemployment rate rose by a tenth of a percentage point (+0.1).
Through March, Rhode Island has regained 101,600, or 93.8 percent, of the 108,300 jobs lost during the Covid-19 shutdown.
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Rhode Island workforce
The unemployment rate for March was 3.1 percent, unchanged from February’s rate of 3.1 percent. Last year the rate was 3.0 percent in March.
The unemployment rate in the United States was 3.5 percent in March, down a tenth of a percentage point from February. The rate in the United States was 3.6% in March 2024.
The number of jobless Rhode Islanders — those residents categorized as available and actively looking for work — was 17,300, down 100 from February. The number of unemployed residents increased by 100 during the year.
Rhode Island’s working population was 548,800, unchanged during the month and down by 4,700 over the year.
Rhode Island’s total workforce was 566,100 in March, down 100 over the month and down 4,500 from March 2024.
The labor force participation rate was 62.9 percent in March, unchanged from February, and down from 63.5 in March 2024. Nationally, 62.6 percent of the US population participated in the labor force.
Unemployment insurance claims for first-time applicants averaged 1,147 in March from 1,053 in February. Claims increased by an average of 16 per week from March 2024 filings.
Rhode Island jobs
Rhode Island’s nonfarm payrolls totaled 500,600 in March, down 700 from February’s revised jobs number of 501,300.
Over the year, total non-farm payrolls rose 7,700, or 1.6 percent. Nationwide, jobs increased 2.7 percent over a year ago. The number of private sector jobs decreased by 1,700 in March, but increased by 5,800 from March 2024.
March Nonfarm Payroll Notes…
Rhode Island’s nonfarm payroll total fell for the first time since December 2024.
The February jobs report was revised up by 300, from a reported gain of 1,900 jobs to an increase of 2,200 jobs.
Ten employment sectors recorded a monthly decrease in jobs, while two sectors recorded a monthly increase and six sectors remained unchanged from February.
The government sector added 1,000 jobs in March, led by state government (+600), followed by local government (+300)
Through March 2023, Rhode Island has added 3,200 jobs, averaging 1,100 jobs per month.
The manufacturing sector recorded a decline in jobs for three consecutive months, with a total of 600 jobs.
The administrative and waste services sector added jobs for four consecutive months, with a total of 1,700 jobs.
Manufacturing hours and earnings
In March, production workers in the manufacturing sector earned $24.12 an hour, up forty-four cents from February, and fifty-nine cents from March 2024.
Manufacturing employees worked an average of 38.8 hours per week in March, down four-tenths of an hour over the month, and down one-tenth of an hour from last year.
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