State working to level off unemployment rates
December 9, 2011 by Mark
The unemployment rate remains unchanged in the last quarter of 2011 in the Bay State area according to a press release issued by the labour department in the Massachusetts’ governor’s office.
Moving up by less than a percentage point, the unemployment rate virtually flat lined at an average of 7.3 per cent, a figure that has remained constant since September 2011. The regional unemployment numbers are still below the U.S. national rate of 9 per cent, but are still higher than economic experts would like to see.
However, in Beverly, the October unemployment rate was lower than the state average, measured at just 6.4 percent. The local figures are down marginally from 6.8 per cent a month previously and almost a full percentage point down from this time last year in October of 2010.
The jobless rate will continue to be stuck due to impending budget cuts by the U.S. federal government which could impact defence contracts in Massachusetts and a weakening European economy, which in turn would affect high-tech imports such as emerging digital technology used by American printing companies.
Demographic breakdowns prove that professionals and workers with high levels of education, who like in so-called wealthier districts, can find employment even in difficult economic climates particularly if suburbs are closer to employment sectors that are more ‘knowledge-based’.
Across the state, 10,800 jobs were created in October 2011, with the largest growth in health care, education, insurance and finance industries – sectors which are supported by Beverly’s network of print companies.