The Household Survey indicates that the unemployment rate is rising this summer, but the labor market has grown too indicating that more individuals are looking for work. That’s encouraging. At almost 3.5 million, the state’s labor market has never been bigger.
The employment survey (which undergoes revisions) indicates that 25,000 jobs have been added year-to-date within I-495. This compares with 15,000 jobs across the Commonwealth. Springfield has been losing jobs which is weighing on the state’s number.
Overall we are adding jobs. But are we adding as many as we could? Job openings have been on the rise since 2011 and hiring has been steady. Is there a skill gap? Is this the so called “hunt for talent” we’ve heard about? Maybe our growth is limited by how many people are qualified for the jobs that are being offered. In that case,we should continue to see a desire to build out cool space, talk of perks and location strategy that is designed to attract top talent.