Typically, unemployment numbers are a lagging indicator — so, I fully expect the rate to inch up a bit more this quarter, perhaps to as high as 5.8-6.0%. Hiring is still happening especially for “A players” and job growth from smaller companies and Venture capitalized firms is still very strong, the market for a long time was a candidate-driven market, now, I would characterize this market as balanced — the sky is NOT falling, but it has toughened-up. I cannot envision Oct-Nov-Dec radically improving, so, what have we learned from the last month of instability? Details and execution matter — can you talk the talk or walk the walk?
Mass. unemployment grows to 5.3
Massachusetts employers cut nearly 4,000 jobs in September and the unemployment rate rose another tenth point to 5.3 percent, the state Department of Workforce Development reported.
While only the third monthly employment decline in the past year, the job losses are another sign that the global financial crisis and national economic downturn are hitting the state.
Financial services led September job losses, shedding 1,200 jobs, and education and health services lost 1,100. Construction shed 1,000 jobs; manufacturing lost 600, and professional and business services lost 500.
Employment in consumer sectors continued to decline. Retailers shed 1,200 and leisure and hospitality, which includes hotels, restaurants, and entertainment, lost 800 jobs. Government, information, which includes software makers, and trade, transportation and utilities, were among the only major sectors to gain jobs.
The state unemployment rate remains below the national rate of 6.1 percent, but as risen more than a point since April.