The unemployment rate in Massachusetts rose from 9.3 to 9.5 percent this last month. The 9.5 percent unemployment is a 34 year high so this blog is not to say that things are good. But unlike the last 18 months, Massachusetts actually added jobs. Granted 400 new jobs is not going to put an end to these difficult times, but it is a sign that the economy here in Boston and all of Massachusetts is moving in the right direction. Here is an excerpt from a Boston Globe article on jobs posted today:
Analysts said the new data underscore that the worst of the recession is over in Massachusetts. In the first quarter of 2009, the state lost an average of 16,000 jobs a month. In the fourth quarter, job losses diminished to 5,000 a month.
January’s job gains, particularly in the technology and health care industries, add to evidence that the Massachusetts economy has turned the corner, said Alan Clayton-Matthews, an economics professor at Northeastern University.
“All that’s consistent with an economy that has hit the bottom and is beginning to climb back slowly,’’ Clayton-Matthews said. “We still may see more net job losses. The economy does appear to be in a slow growth mode.’’
Employment tends to lag broader economic growth because employers hire cautiously in the beginning of a recovery, increasing hours for existing employees before hiring new ones, according to economists.
For more details NEWS!!! Boston Globe.
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