Employment Snapshot - Boston-Cambridge-Nashua, MA-NH January-2023

Weller Emmons

VP of Analytics and Finance at Mployer Advisor. He is passionate about leveraging data to provide industry leading insights for Mployer Advisor’s clients. Prior to joining Mployer Advisor, Emmons served as a healthcare provider strategy consultant for Knowledge Capital Group and as an internal strategy consultant at HCA Healthcare. Emmons earned his MBA and BE in Biomedical Engineering, both from Vanderbilt University.

Market Employment Summary

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Additional Benchmarking Resources

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Overall unemployment rate moved up to 3.6% with the biggest shift in Restaurants & Hotels, which lost 9,000 roles, based on the most recently available information published in March 2023.

Total employment in the Boston-Cambridge-Nashua, MA-NH market rose by 2,529 jobs in January and the unemployment rate increased compared to the prior month by 70 bps to 3.6%. The national unemployment rate increased by 60 bps over the same time to 3.9%.

Boston-Cambridge-Nashua, MA-NH unemployment rate is 26 bps below the national rate which is a positive sign.
Unemployment in the market is 80 bps below the unemployment rate in the market last year at this time, which is a positive.
Average wages (per hour) grew in January versus prior month by 1.2% and are up compared to last year at this time in the market.

Month over Month Unemployment Change

Year over Year Unemployment Change

Boston-Cambridge-Nashua, MA-NH Unemployment January 2023

For key employment segments of the market, total jobs declined by -1.3%. Key sectors include:

Education & Healthcare: 595,200; -5,700
Business Services: 537,100; -8,600
Transportation & Utilities: 412,800; -5,200
Government: 311,400; -3,600
Restaurants & Hotels: 241,600; -9,000
Financial Services: 188,700; -800
Manufacturing: 182,100; -400
Construction, Mining: 122,800; -3,600
Other Jobs: 99,300; +100
IT & Development: 84,700; -800

Employment Change by Key Sector

Boston-Cambridge-Nashua, MA-NH Unemployment by Industry January 2023

Data is based on the most recent 12 months available, through January 2023 (Data published March 2023 and reports created on March 17, 2023). Source: Government data agency and locally acquired statistics.

Note: All reported data is not seasonally adjusted.

Boston-Cambridge-Nashua, MA-NH