Overall unemployment rate moved up to 3.2% with the biggest shift in Business Services, which lost 2,600 roles, based on the most recently available information published in September 2022.
Total employment in the Boston-Cambridge-Nashua, MA-NH market declined by 2,990 jobs in August and the unemployment rate increased compared to the prior month by 10 bps to 3.2%. The national unemployment rate stayed flat over the same time period at 3.8%.
- Boston-Cambridge-Nashua, MA-NH unemployment rate is 59 bps below the national rate which is a positive sign.
- Unemployment in the market is 180 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in August versus prior month by 2.6% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.1%. Key sectors include:
- Education & Healthcare: 597,000; -1,000
- Business Services: 554,300; -2,600
- Transportation & Utilities: 416,100; +2,300
- Government: 279,600; -2,200
- Restaurants & Hotels: 275,300; -1,000
- Manufacturing: 186,800; +100
- Financial Services: 181,100; -300
- Construction, Mining: 136,000; +800
- Other Jobs: 101,000; no change
- IT & Development: 89,600; +900
Data is based on the most recent 12 months available, through August 2022 (Data published September 2022 and reports created on September 28, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.