.2 Percent of Unemployed Citizens Feeling Good Again

As more positive reports trickle in, signs continue to hint that Massachusetts’ economy is slowly beginning to recover. For the first time since April of 2007, the state unemployment rate decreased. According to the most recent monthly data available, the unemployment rate was at 9.3 percent in March, down .2 percent from February.

Reports issued by the Executive office of Labor and Workforce Development show that 4,000 new jobs were created in Massachusetts in February, with an additional 7,600 jobs created in March. In fact, the March increase was the greatest employment gain for a single month in Massachusetts since May of 2007. (Image courtesy: http://bit.ly/9hqyLY)

By industry, in the Bay State, retailers showed the greatest number of new jobs created in March at 2,000. Another 1,800 new jobs were accounted for by the financial services sector. Finally, business services reported the third largest gain in jobs at 1,600. Educational services; wholesale trade; arts, entertainment and recreation; real estate, rental and leasing; non-durable goods; and administrative and support services also reported job gains in March. Jobs in the education and health services industries decreased slightly in March.

A recent Federal Reserve survey also pointed to a hopeful future in Massachusetts, finding New England businesses were reporting rising demands, increasing sales, and increased hiring.

“We’re not looking at spectacular growth, but we’re seeing new jobs being created,’’ Andre Mayer, senior vice president for research at Associated Industries of Massachusetts commented. “This is what we needed to see.’’

It will be a while still before Massachusetts will gain back the estimated 155,000 jobs it is currently down from March of 2008, when the recession is said to have begun. Presently, over 300,000 Massachusetts citizens are unemployed, with even more underemployed.

Offering some relief, this week President Obama signed into law a bill that extends the term of COBRA health insurance and federal unemployment benefits, which are offered to workers "who have exhausted regular state unemployment benefits." Presently, long-term benefits will last through to June 2nd and are retroactive, in order to bridge the gap for individuals whose benefits previously expired. (Image courtesy: http://bit.ly/cS1MmA)

“Millions of Americans who lost their jobs in this economic crisis depend on unemployment and health insurance benefits to get by as they look for work and get themselves back on their feet,” Obama said. “I’m grateful that the House and Senate moved forward on this temporary extension.”

Although Obama feels that the $18 billion relief package will go a long way, his new goal is to pass another bill that will extend benefits until the end of the year.

While it is clear to see that a full recovery has not yet been realized, and probably will not be within the year, Massachusetts’ economy does appear to be gaining traction. After months of negative data and reports, even a decrease of just .2 percent in the state’s unemployment rate is welcomed. We can only hope that this is the beginning of a positive trend.

[Sources: http://bit.ly/bkrQ98, http://bit.ly/b1DsGR, http://nyti.ms/bOdWCa]