Washington state’s unemployment rate fell to 5.4 percent during the month of October – its lowest point in more than eight years, according to a new report from the Employment Security Department. The unemployment rate had been fixed at 5.8 percent all year until a slight decrease last month to 5.6 percent.
The new rate was fueled by the addition of 10,600 new jobs in October, according to preliminary job estimates from the federal Bureau of Labor Statistics.
“Job growth has rebounded strongly this fall following a lull in hiring activity this past summer,” said Paul Turek, economist for the department. “Employers are feeling less cautious about the national economy and global markets, which has translated into greater employment opportunities for Washington’s growing workforce.”
According to the report, the state’s labor force grew to 3.67 million last month, an increase of 120,200 compared to the same month last year.
During October, private-sector employment increased by 12,200 jobs and government employment decreased 1,600. The greatest job growth occurred in leisure and hospitality (+7,400 jobs). The largest private sector job loss was in manufacturing (-1,700 jobs).
Year over year, 11 of Washington state’s 13 industry sectors added jobs.
The three industry sectors with the largest employment gains from October 2015 to October 2016, not seasonally adjusted, were:
- Education and health services with 21,000 new jobs;
- Government with 15,400 new jobs; and
- Professional and business services with 13,300 new jobs.
Manufacturing was the only sector to report job losses (-5,100).
