March 2024 Unemployment and Job Estimates in Mass
BOSTON — Local unemployment rates decreased in twenty-three labor market areas and remained unchanged in one labor market area in the state during the month of March 2024 compared to February 2024, the Executive Office of Labor and Workforce Development reported.
Compared to March 2023, the rates were down in seventeen of twenty-four labor market areas.
Of the fifteen areas for which employment estimates are published, fourteen NECTA areas gained jobs compared to the previous month. The largest percentage increases occurred in the Lynn-Saugus-Marblehead (+0.9 percent), Barnstable Town (+0.8 percent), and Worcester MA-CT (+0.7 percent) areas.
From March 2023 to March 2024, eleven areas gained jobs with the largest percentage increases seen in the Barnstable Town (+5.4 percent), Lynn-Saugus-Marblehead (+3.2 percent), and Pittsfield (+2.3 percent) areas.
The statewide seasonally adjusted preliminary jobs estimate showed an increase of 2,900 jobs in March, and an over-the-year gain of 22,500 jobs.
In order to compare the statewide rate to local unemployment rates, the U.S. Department of Labor's Bureau of Labor Statistics estimates the statewide unadjusted unemployment rate for March 2024 was 3.5 percent, down 0.2 percentage points from the revised February 2024 estimate and was the 0.4 percentage points below the nation's unadjusted unemployment rate of 3.9 percent.
Last week, the Executive Office of Labor and Workforce Development reported the statewide seasonally adjusted unemployment rate in the month of March 2024 was 2.9 percent, unchanged compared to the revised February 2024 estimate. The Bureau of Labor Statistics reported the nation's seasonally adjusted unemployment rate for March 2024 decreased by 0.1 percentage point over-the-month to 3.8 percent.
The unadjusted unemployment rates and job estimates for the labor market areas reflect seasonal fluctuations and therefore may show different levels and trends than the statewide seasonally adjusted estimates.
The estimates for labor force, unemployment rates, and jobs for Massachusetts are based on different statistical methodologies specified by the Bureau of Labor Statistics.
The preliminary April 2024 and the revised March 2024 unemployment rates, labor force data and jobs estimate for Massachusetts will be released on Friday, May 17, 2024; local unemployment statistics for April 2024 will be released on Tuesday, May 21, 2024. Detailed labor market information is available at http://www.mass.gov/EconomicResearch.
