Unemployment Rates Drop While New Challenges Come Up

Massachusetts – The Bay State’s unemployment rate has dropped significantly in the past eight years, from 8.2% in August 2009 to under 4% in 2017. Some of the highest rates in August 2009 belonging to the towns of Lawrence, Springfield and Worcester all reported dramatic decreases in 2017 by almost half of their 2009 rates. Lawrence is now under 8%, Worcester is at 4.5% and Springfield is at 6.8 %. Although this is great news for the Massachusetts economy, there is one contributing factor that should not be ignored. The rate of individuals who are “underemployed” (U6 rate) in the state of Massachusetts remains high. In fact this rate has now surpassed the levels prior to the recession. Individuals who fall into this U6 category may not possess the skills necessary to find full time work and are therefore only employed part time or have stopped searching for employment all together. This is a very important factor that will remain in focus as the Unemployment rates continue to be monitored.

For More Information on this Discussion: http://www.bizjournals.com/boston/news/2017/05/24/jobless-rates-drop-in-bay-states-smaller-cities.html?ana=e_me_set1&s=newsletter&ed=2017-05-24&u=%2FmVb%2BsU0iPFgDh%2Bpw2oEjQ00aa1b50&t=1495633627&j=78243601