The jobless rate dove to 8.4 percent from 8.8 percent in August, hitting the lowest level since May 2009, the state Executive of Labor and Workforce Development reported today. A separate survey of employers, however, showed Massachusetts firms cut payrolls by more than 20,000 jobs in September, with the losses concentrated in leisure and hospitality, a tourism related sector, and education and health services.
In addition, revised data showed the state also shed 3,000 jobs in August, instead of the initially reported gain of 2,100 jobs.
The mixed data suggest that the state's recovery is still proceeding, but the struggling national and international economies are beginning to weigh on Massachusetts, said Michael Goodman, an economic analyst and professor at the University of Massachusetts at Dartmouth. Despite September's job losses, the longer-term trend -- more than 34,000 jobs added in the last six months -- still bodes well for the state, said Goodman.
"The trend still supports the notion that the Massachusetts is recovering faster than the nation," Goodman said. "But the larger story is we may be seeing the some of the impact of slowing national and international economies."
The US economy has shed jobs in each of the past four months, while the national unemployment rate has held near 10 percent. Also struggling are the economies of many industrialized nations, particularly in Europe, a major foreign market for Massachusetts companies.
Massachusetts Unemployment Falls To The Lowest Rate In A While
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