Overall unemployment rate moved up to 4.3% with the biggest shift in Government, which lost 1,100 roles, based on the most recently available information published in September 2022.
Total employment in the Springfield, MA-CT market declined by 2,240 jobs in August and the unemployment rate increased compared to the prior month by 10 bps to 4.3%. The national unemployment rate stayed flat over the same time period at 3.8%.
- Springfield, MA-CT unemployment rate is 51 bps above the national rate which is a negative sign.
- Unemployment in the market is 200 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 4.5% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.4%. Key sectors include:
- Education & Healthcare: 83,400; -100
- Government: 60,000; -1,100
- Transportation & Utilities: 58,400; +200
- Restaurants & Hotels: 35,100; -300
- Manufacturing: 29,500; +100
- Business Services: 25,800; -400
- Financial Services: 14,800; no change
- Construction, Mining: 12,900; +100
- Other Jobs: 12,300; +100
- IT & Development: 2,800; no change
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.