Second Quarter 2014 Revisions Show Greater Job Growth
With 1,200 more jobs than originally estimated, through June, RI-based jobs are up 6,600 since start of 2014
October 23, 2014
The RI Department of Labor and Training’s most recent analysis of second quarter 2014 tax data indicates that Rhode Island job growth is greater than originally estimated, with 1,200 more jobs than first reported for the quarter ending June 2014.
Based on the tax data review, the private sector employment level will be revised up 800 and the public sector employment level will be revised up 400. This brings the total number of Rhode Island-based jobs for June 2014 to 477,800.
The estimates derived from tax data show that over the year, Rhode Island gained 5,400 jobs between June 2013 and June 2014. The Bureau of Labor Statistics estimates released earlier this year showed a job gain of 4,200 jobs for this 12-month period.
The revised estimates also show that the state gained 6,600 jobs over the first six months of 2014. Carrying the DLT estimates forward through September, the data show that Rhode Island jobs are up 8,900 since the start of 2014. This is the largest increase in jobs over the first nine months of the year since at least 1990, when DLT began keeping this measurement.
“My administration’s consistent investment in education, infrastructure and workforce development is to create the environment for Rhode Island companies to grow and hire more workers,” said Governor Lincoln D. Chafee. “Federal statistics show that Rhode Island is off to its best start since 1984. These quarterly job revisions further demonstrate that trend.”
“Rhode Island’s economy continues to improve and grow jobs. That’s good news,” said DLT Director Charles J. Fogarty. “2014 is shaping up to be a solid year for job growth and since January of 2011, jobs are up by more than 20,000.”
Between August 2009 (the end of the recession in Rhode Island) and June 2014, DLT estimates indicate that a total of 21,900 jobs have been added to the RI economy, accounting for 55.0 percent of the total 39,800 jobs lost and 63.4 percent of the total 36,300 private sector jobs lost during the recession. These employment gains have been distributed nearly evenly among high-wage, mid-wage and low-wage sectors.
Between August 2009 and June 2014, 11 private employment sectors added employment totaling 24,300; two private sectors lost employment totaling 1,300; and two sectors’ employment levels remain even. The net private sector job gain during the recovery period is 23,000.
Of the 24,300 jobs added between August 2009 and June 2014:
Among the 1,300 jobs lost between August 2009 and June 2014:
PRIVATE SECTOR EMPLOYMENT REVISIONS
ABOUT DLT: The RI Department of Labor and Training offers employment services, educational services and economic opportunity to both individuals and employers. DLT protects Rhode Island’s workforce by enforcing labor laws, prevailing wage rates and workplace health and safety standards. The department also provides temporary income support to unemployed and temporarily disabled workers. For more information on the programs and services available to all Rhode Islanders, please call the RI Department of Labor and Training at (401) 462-8000 or visit the web site at www.dlt.ri.gov.