Maine’s unemployment price elevated in October, rising for the third month in a row though the variety of nonfarm jobs within the state hit an all-time excessive.
The Maine Division of Labor reported that the statewide unemployment price was 3.6% in October, up barely from 3.3% in September. The determine had dipped to a pandemic low of two.8% in July however has ticked up each month since.
On the similar time, the variety of nonfarm jobs in Maine grew by 3,000 final month to a file 641,900. Industries with the most important positive aspects have been in retail, well being care and social help, and leisure and hospitality. Since June, the state has gained greater than 9,000 jobs.
Mark McInerney, director of the division’s Heart for Workforce Analysis and Data, mentioned these figures communicate to a decent labor market by which employers are attempting to extend their staffing ranges.
“It’s an atmosphere by which employers should compete to draw and retain gifted workers,” he mentioned.
This yr’s most up-to-date three-month common unemployment price – a greater indicator of workforce situations – was 3.3% between August and October, about 0.3% increased than the earlier three months, the division mentioned.
The U.S. labor drive participation price is often round 62% however dropped on the onset of the pandemic in March 2020. Maine’s labor drive participation price in October was 58.3%, down 0.7 share factors since June.
The state bases its month-to-month estimates for unemployment price, variety of jobs and labor drive participation on separate surveys of employers and households. These figures are preliminary and inexact, and the division makes annual revisions based mostly on extra full info.
“Rising unemployment in an atmosphere of sturdy job positive aspects sometimes happens from elevated labor drive participation because the optimistic hiring atmosphere prompts some individuals to enter the labor drive,” Glenn Mills, additionally from the Heart for Workforce Analysis and Data, mentioned in an announcement.
“It seems that labor drive participation has been understated for current months and will probably be revised increased, and that unemployment was understated in the summertime and will probably be revised increased for these months.”
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