.

Unemployment Rate Drops; Both Towns Now Below 6 Percent

Fewer people were out of work in both Hamilton and Wenham in August versus July.

The unemployment rate in both Hamilton and Wenham dropped in August, according to figures released this week by the Executive Office of Labor and Workforce Development. Both towns are below the statewide average.

In Hamilton, the unemployment rate dropped to 4.4 percent from 4.6 percent, with 163 people reporting they were out of work out of a workforce of 3,716 in August, according to the state government data. In July, 170 residents were out of work, the state said.

In Wenham, the unemployment rate dropped to 5.3 percent from 6.7 percent, with 100 people reporting they were out of work out of a workforce of 1,794 in August, according to the state government data. In July, 129 residents were out of work, the state said.

The statewide unemployment rate was 6.3 percent in August.

In recent years, the Wenham unemployment rate peaked at 7.8 percent in January. In Hamilton, it got to 6.7 percent back in 2009.

Of the communities immediately nearby the two towns, Hamilton has the lowest unemployment rate, along with Topsfield. For Wenham, only Danvers had a higher unemployment rate of the nearby cities and towns.

The table below shows the unemployment rates, month-by-month going back to April, for cities and towns immediately adjacent to Hamilton and Wenham. Have you seen evidence of a stronger hiring market? Are you a business owner looking for more help? Tell us about it in the comment section below.

Community August 2012 July 2012 June 2012

May 2012

April 2012

Beverly
5.2% 5.3% 5.3% 4.7% 5.1% Danvers 5.9% 5.9% 5.7% 5.3% 5.4% Essex 4.6% 5.5% 5.1% 5.1% 5.5% Ipswich 5.2% 5.4% 4.9% 4.6% 4.8% Manchester-by-the-Sea 4.8% 4.8% 4.9% 4.6% 4.8% Topsfield 4.4% 4.5% 4.4% 3.7% 4.3%

SOURCE: Massachusetts Executive Office of Labor and Workforce Development, Division of Unemployment Assistance

richard boroff September 28, 2012 at 02:12 PM
This may be within the normal level of frictional unemployment From Quickmba.com The natural rate of unemployment changes over time. In the U.S., some mainstream economists have placed the natural rate of unemployment in the 5% to 6% range, though other economists have placed it as low as 4% and as high as 7% over the past several decades. This variability and lack of precision in the natural rate of unemployment represent a source of uncertainty with which policy makers must deal.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »