The Unemployment Clock Clicks On
For some reason, it feels as if this new report has come early, but be that as it may, Rhode Island is now up to 12.4% unemployment. That’s about an eighth of the workforce, and as Andrew pointed out, that doesn’t include folks who are partially employed, which brings total under-employment to over one out of five Rhode Islanders.
Here’s the part that I find especially disturbing:
The June jobs report was not without positive signs. The number of employed state residents rose by 1,400, the second monthly increase this year. That category did not grow in a single month in 2008.
Many of the newly employed are probably working in other states. The total number of jobs in Rhode Island declined by 900 in June.
The work to be found, in other words, is being found elsewhere, and as I’ve been predicting, as the rest of the country recovers (especially the rest of New England), Rhode Island will watch its most motivated, productive citizens packing up and finding a better life elsewhere. I’m beginning to think that stabilization will ultimately come as a result of the workforce’s shrinking to the size of the economy, not the other way around.