PODCAST: RI Employment Situation is Worse than Reported
Tuesday, December 24, 2013
The employment market in Rhode Island ranks as one of the nation's worst since the start of the "Great Recession." The Department of Labor recently reported that Rhode Island's unemployment is now ranked as the worst in the country. Last week, the RI Department of Labor and Training released the state's unemployment rate from November (9.0%), which was down slightly from October (9.2%), but still ranked as the highest in the nation (tied with Nevada). The National Unemployment rate for the month of November was 7.0 percent .
Related Slideshow: Pew Research: New England Employment Figures From FY2007 to FY2013
While unemployment figures receive more media attention, the employment rate is a preferred index for many economists because it provides a sharper picture of changes in the labor market. The unemployment rate, for example, fails to count workers who stopped looking for a job. By focusing on 25- to 54-year-olds, trends are less distorted by demographic effects such as older and younger workers’ choices regarding retirement or full-time education.
Below are the employment rates in FY2007 and FY2013 for New England states as referenced by the Pew Charitable Trust's "Fiscal 50: State Trends and Analysis" Report, ranked from best to worst.
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