LoginAccording to a recent survey from the Federal Reserve, the jobs market in New England has grown at a slow rate over the summer.
The Boston Globe reports that the recent report from the quasi-governmental agency revealed that the region's jobless rate stood at 7.1 percent in July, higher than the 6.8 percent last year. The study of six states showed that Rhode Island continues to struggle with an unemployment rate of 10.8 percent, one of the highest in the country.
"Economic growth in New England continued to disappoint along many economic indicators and entailed mostly minor changes since the previous update," the report stated. "Employment growth faltered, as the region lost 2,500 jobs in June. Residential real estate provided something of a silver lining for the region as housing permit growth improved markedly from last year."
Some regional employment experts are feeling more optimistic about job prospects. In an interview with Area Development, New England Economic Partnership vice president and forecast manager Ross Gittell said that states like Vermont, New Hampshire and Massachusetts continued to have lower unemployment rates than the national average.
Content provided by executive search organization, MRINetwork.