Overall unemployment rate moved up to 3.9% with the biggest shift in Restaurants & Hotels, which lost 4,600 roles, based on the most recently available information published in March 2023.
Total employment in the Providence-Warwick, RI-MA market declined by 6,109 jobs in January and the unemployment rate increased compared to the prior month by 120 bps to 3.9%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- Providence-Warwick, RI-MA unemployment rate is 4 bps above the national rate which is a negative sign.
- Unemployment in the market is 100 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 7.8% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -2.9%. Key sectors include:
- Education & Healthcare: 121,900; -2,200
- Transportation & Utilities: 103,000; -2,500
- Government: 73,800; -2,400
- Business Services: 73,600; -2,400
- Restaurants & Hotels: 58,400; -4,600
- Manufacturing: 50,600; -700
- Financial Services: 37,900; -500
- Construction, Mining: 27,300; -1,300
- Other Jobs: 26,000; -400
- IT & Development: 6,800; -100
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.