Maine Unemployment Rate
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The unemployment rate within the United States is often discussed in the news, yet many people remain unaware of what this rate indicates as well as the purpose of it. The jobless rate measures the amount of residents who are unemployed out of the total number of workers in the labor force. To calculate the unemployment rate, the Bureau of Labor Statistics hosts two surveys in order to retrieve data, which then is processed down into a percentage. The jobless rate fluctuates on a monthly basis, indicating job growth, job loss as well as monitoring the workers who enter the workforce and leave the workforce. The importance of monitoring the unemployment rate is to see the state of the economy and potentially highlight employment sectors, such as the unemployment insurance program, that may need future assistance of budgeting.
Maine Unemployment Resources
What is the unemployment rate in Maine?
For those asking the question, “What is the unemployment rate in Maine?” the answer is 3.2 percent, as of May 2017. Since the jobless rate has not been this low in 40 years, this is great news for those living in Maine. The unemployment rate in Maine saw major gains in areas of construction, trade, utilities, transportation, education and health care over the past year. Labor markets are in great shape in Maine and the overall economic recovery is becoming a reality. Maine is well below the national average, which is 4.3 percent. Another major factor in the unemployment rate in Maine comes down to demographics. Older workers are retiring more often and leaving the workforce completely and retirees affect the unemployment rate. Not only has this led to an increase in available job, but also reduces the consumption of unemployment insurance benefits from out-of-work laborers.
For those in Maine affected by the jobless rate or struggling with unemployment, the state offers unemployment insurance benefits for qualified applicants. Eligibility requirements vary state-by-state, so it is important to be familiar with eligibility prior to the starting the application process. Unemployment benefits can work to supplement income as a temporary wage compensation.
What Is Unemployment Insurance?
Unemployment insurance is a type of government compensation that can be obtained by newly unemployed workers who require financial assistance while they purse new work opportunities. These unemployment benefits are available to eligible individuals for a pre-determined period and help them cover rent, food and other necessary expenses. To find out more about unemployment insurance and how you can start receiving government compensation today, download our guide.
Can Everyone Get Unemployment Benefits?
Unemployment insurance is only available to qualified individuals. Applicants must have an acceptable reason for being out of work, they must meet past income thresholds and more. Find out if you qualify to receive unemployment compensation by downloading our comprehensive guide here.