Washington labor market still improving
The national unemployment rate increased to 4.9 percent in October, but Washington state’s labor market continues to improve, according to a new report from the Employment Security Department.
Washington’s economy added another 10,600 new jobs in October and the state’s unemployment rate fell from 5.6 to 5.4 percent.
“Job growth has rebounded strongly this fall following a lull in hiring activity this past summer,” said Paul Turek, economist for the department. “Employers are feeling less cautious about the national economy and global markets, which has translated into greater employment opportunities for Washington’s growing workforce.”
The department released the seasonally adjusted, preliminary job estimates from the federal Bureau of Labor Statistics as part of its October Monthly Employment Report.
The state’s labor force grew to 3.67 million in October, an increase of 22,900 people from the previous month. In the Seattle/Bellevue/Everett region, the labor force increased by 14,500 Private-sector employment increased by 12,200 jobs and government employment decreased 1,600 in October.
Washington has added an estimated 102,000 new jobs from October 2015 to October 2016, not seasonally adjusted. The private sector grew by 3.3 percent or 86,600 jobs, and the public sector increased by 2.7 percent, adding 15,400 jobs.
From October 2015 to October 2016, 11 of the state’s 13 industry sectors added jobs. Mining and logging remained unchanged.
Manufacturing and government faced the biggest reductions, losing 1,700 and 1,600 jobs respectively. Wholesale trade cut 400 jobs and information and financial activities shed 300 jobs each.
This month’s report shows the greatest job growth occurred in leisure and hospitality with 7,400 new jobs created. In addition, construction added 1,900 jobs, professional and business services was up 1,600 and retail trade added 1,500. The three industry sectors with the largest employment gains year over year, not seasonally adjusted, were:
• Education and health services with 21,000 new jobs;
• Government with 15,400 new jobs; and
• Professional and business services with 13,300 new jobs.
The Bureau of Labor Statistics recently updated its “alternative measures of labor underutilization” for states to include the third quarter of 2016. The U-6 rate considers not only the unemployed population in the official unemployment rate, but also the underemployed and those not actively looking, but wanting a job.
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