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.
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
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.