Washington State's Economy Shows Steady Growth in May -Payrollwings

BELFAIR, Wash. - July 21, 2023 - PRLog -- Washington state experienced an estimated gain of 2,900 jobs in May, according to the latest report by the Employment Security Department (ESD). State economist Paul Turek commented that the labor market in Washington is generally stable, with a gradual slowdown in job growth.

However, Turek noted that the household measure of employment, which considers the number of people employed rather than the number of jobs, saw a positive increase of 17,700 individuals in May.

The state's monthly unemployment rate dropped to 4.1 percent in April, indicating a positive trend. Among Washington's 39 counties, Clallam County had an unemployment rate of 4.8 percent, ranking it as the 12th highest in the state.

ESD provided unemployment insurance benefits to 55,247 individuals in May, marking a decrease of 2,368 claims compared to the previous month. Reductions in paid claims within the construction and agriculture sectors contributed to the overall decline.

On a national level, the unemployment rate increased from 3.4 percent to 3.7 percent in May. For comparison, the revised national unemployment rate for May 2022 was 3.6 percent.

Job seekers continue to reenter the labor force, as evidenced by an increase of 8,500 individuals in Washington's labor force from the previous month. The labor force includes all individuals over the age of 16, both employed and unemployed. It's important to note that layoffs and labor force participation are not directly linked. When individuals are laid off but actively seeking work, they remain part of the labor force. A decrease in the labor force indicates individuals leaving the workforce without actively seeking employment for more than four weeks.

From May 2022 to May 2023, Washington's labor force grew by 29,500 individuals. In April to May, the number of unemployed individuals in the state decreased from 174,500 to 165,300.

Within the job sectors, the private sector saw an increase of 3,500 jobs, while the government sector experienced a decline of 600 jobs. The education and health services sector added 4,200 jobs overall, with a notable increase of 2,400 jobs in ambulatory health care services. Manufacturing Cost employment rose by 2,300, mainly driven by 1,800 jobs gained in food manufacturing. The retail trade sector saw a total increase of 1,100 jobs, primarily due to the addition of 800 jobs in motor vehicle and parts dealers.https://payroll-software.lalrp.org/

Conversely, professional and business services employment decreased by 2,100, with 1,800 jobs lost in employment services. The leisure and hospitality sector experienced an overall decrease of 2,300 jobs, with 2,100 jobs lost in arts, entertainment, and recreation.
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