Rhode Island Unemployment Rate
What is the unemployment rate and why is it so important? Understanding the jobless rate is not just a job for the economists out there, but is crucial for those who seek to learn more about the economy and labor force as a whole. The jobless rate is important to understand because employment as a whole is the primary source of personal income for individuals within the United States. Employment directly influences how much consumers spend, which is what contributes to the overall economic growth of a state. The unemployment rate serves as an indicator of the health of the economy, as well as the status of specific business sectors within the labor force. The number of unemployed individuals, counting those who are of age and willing and able to work, is divided into the number of total workers in the work force. That number is calculated into a percentage that fluctuates monthly. There are a variety of factors that directly influence the unemployment rate, including workers entering and leaving the work force as well as those who re-tire or simply stop searching for employment. This rate plays a direct part in the policies of the state’s unemployment insurance program.
What is the unemployment rate in Rhode Island?What is the unemployment rate in Rhode Island? As of May 2017, the unemployment rate in Rhode Island came in at 4.1 percent, which is slightly lower than the national average of 4.3 percent. The reason for the minimal decline in the jobless rate over the past few months is directly linked to the decrease in those unemployed workers in Rhode Island looking for employment, from 23,900 to 22,900. The total labor force in Rhode Island has increased over 3,000 workers May 2016.
While the unemployment rate in Rhode Island remains a positive point for the economy, there are still quite a few individuals without work. The state of Rhode Island does offer temporary assistance for those who qualify. Unemployment insurance benefits are available for individuals who meet the eligibility requirements, in order to receive temporary wage assistance during their employment search.