Employment Snapshot - Boston-Cambridge-Nashua, MA-NH October-2022

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 down to 2.8% with the biggest shift in Business Services, which gained 9,600 roles, based on the most recently available information published in December 2022.

Total employment in the Boston-Cambridge-Nashua, MA-NH market rose by 31,409 jobs in October and the unemployment rate decreased compared to the prior month by 10 bps to 2.8%. The national unemployment rate increased by 8 bps over the same time to 3.4%.

Boston-Cambridge-Nashua, MA-NH unemployment rate is 60 bps below the national rate which is a positive sign.
Unemployment in the market is 140 bps below the unemployment rate in the market last year at this time, which is a positive.
Average wages (per hour) grew in October versus prior month by 4.1% 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 October 2022

For key employment segments of the market, total jobs grew by 0.9% . Key sectors include:

Education & Healthcare: 616,300; +6,500
Business Services: 559,900; +9,600
Transportation & Utilities: 415,400; +3,300
Government: 308,900; +5,400
Restaurants & Hotels: 258,100; -1,800
Manufacturing: 186,000; +100
Financial Services: 182,400; +2,300
Construction, Mining: 135,000; -700
Other Jobs: 95,200; +700
IT & Development: 88,500; +800

Employment Change by Key Sector

Boston-Cambridge-Nashua, MA-NH Unemployment by Industry October 2022

Data is based on the most recent 12 months available, through October 2022 (Data published December 2022 and reports created on December 2, 2022). Source: Government data agency and locally acquired statistics.

Note: All reported data is not seasonally adjusted.

Boston-Cambridge-Nashua, MA-NH