Rhode Island-Based Jobs Fell by 400 from June; July Unemployment Rate Rose to 4.5 Percent

Published on Thursday, August 15, 2024

CRANSTON, R.I. – Jobs at Rhode Island businesses fell by 400 jobs in July as the state’s unemployment rate increased by two-tenths of a percentage point to 4.5 percent. Over the year, jobs were up 6,200 from July 2023, and the unemployment rate was up one and eight-tenths percentage points. 

Rhode Island’s Labor Force

The July unemployment rate was 4.5 percent, up two-tenths of a percentage point from the June rate. Last year, the rate was 2.7 percent in July.

The U.S. unemployment rate was 4.3 percent in July, up two-tenths of a percentage point from June. The U.S. rate was 3.5 percent in July 2023. 

The number of unemployed Rhode Island residents — those residents classified as available for and actively seeking employment — was 26,700, up 1,200 from June. The number of unemployed residents was up 11,300 over the year.

The number of employed Rhode Island residents was 565,400, up 600 over the month and up 7,500 over the year.

The Rhode Island labor force totaled 592,100 in July, up 1,700 over the month and up 18,800 from July 2023.

The labor force participation rate was 65.2 percent in July, up from 65.1 in June, and up from 63.5 in July 2023. Nationally, 62.7 percent of U.S. residents participated in the labor force.

Unemployment Insurance claims* for first-time filers averaged 1,559 in July, up from 825 in June. Claims were up an average of 109 a week from July 2023.

Rhode Island-Based Jobs

The number of total nonfarm jobs in Rhode Island was 510,300 in July, a decrease of 400 jobs from the revised June jobs figure of 510,700. Over the year, total nonfarm jobs are up 6,200 or 1.2 percent. Nationally, jobs were up 1.6 percent or 2.5 million from a year ago. The number of private sector jobs in Rhode Island was down 1,400 in July but up 4,000 from July 2023.

July Nonfarm Payroll Notes…

  • In July, Rhode Island lost 400 nonfarm jobs, marking three consecutive months of job declines.
  • The reported loss of 700 jobs in June was revised down by 500, resulting in a loss of 1,200 jobs from May to June. 
  • Rhode Island has lost 3,400 jobs over the past three months, an average loss of 1,100 jobs a month.
  • Accommodation & Food Services lost 1,600 jobs in July, marking three consecutive months of declines totaling 3,500 jobs.
  • Government jobs rose by 1,000 in July with 800 of the jobs coming from Local Government. 
  • The number of jobs in the Health Care & Social Assistance sector rose by 700 in July. This sector has not reported a monthly job decline since October 2023. 

Manufacturing Hours and Earnings

In July, production workers in the Manufacturing sector earned $26.36 per hour, up 99 cents from June, and up eighty-one cents from July 2023.

Manufacturing employees worked an average of 39.8 hours per week in July, down nine-tenths of an hour over the month, but up two hours from a year ago.

* The average number of verified initial claims filed during the week that includes the 12th of the month and the three weeks prior. The Department of Labor and Training is scheduled to release the August 2024 labor force figures and job counts at 10:00 a.m. on Thursday, September 19, 2024.

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