The unemployment rate is a national and state percentage of the amount of workers who are jobless within the entire labor force. This jobless rate is calculated every month based on certain factors and statistical data gathered by the Bureau of Labor Statistics. The unemployment rate is an important piece of data to keep track of, as it measures the state of the economy, as well as provides important information regarding the economic trends in each state. This is vital when determining the budget for the state’s unemployment insurance program. The bureau calculates this rate by taking the number of people who are without employment but available to work and dividing it into the number of total workers in the labor force. That number is then turned into a percentage, which becomes representative of the jobless workers in that state.
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What is the unemployment rate in Massachusetts?
For those wondering, “What is the unemployment rate in Massachusetts compared to the rest of the country?” the answer may be surprising. For starters, the unemployment rate in Massachusetts has increased from 3.9 percent in April 2017 to 4.2 percent in May 2017. Comparatively to the jobless rate for the rest of the nation, this falls in line with the national average of 4.3 percent. Yet, the increase in a month’s time is quite alarming, especially when factoring in the job growth of over 2,900 jobs in the month of May. Despite the fact that the unemployment rate in Massachusetts has increased more recently, the good news is that the labor force participation rate for the month of May has been the highest since the recession in 2008. This is an indicator of a strong economy and consistent growth. Yet, a number of unemployed Massachusetts residents exist.
For those still struggling with unemployment, perhaps considering unemployment insurance benefits is an option. Unemployment benefits are offered on a state-level for those who qualify for temporary wage assistance. Eligibility requirements are enforced and will be a deciding factor in whether or not benefits are applicable.
