The economy of Washington state witnessed the addition of approximately 5,300 jobs, on a seasonally adjusted basis. Meanwhile, an increase was noticed in the unemployment rate from 4.7% to 4.8% from February to March. This unemployment rate is considered the most significant since the year 2021, thus exceeding the previous highest rate marked in February. A continuous rise in unemployment rates for the sixth successive month was observed in Washington. Slow progress has been noticed in the unemployment rate from September 2023, which was previously 3.6%. The job growth continues to display an upward trend, however, the pace of overall growth has somewhat slowed down recently.

The state witnessed fluctuating employment trends across industries. Some viewed increased employment while others witnessed decreased net employment. The Employment Security Department of Washington state catered to 72,162 individuals in March by providing them unemployment insurance benefits. This is in fact, a dip in the claims paid during the previous month by 1,478. The report mentions some specifics such as Clallam County’s unemployment rate in March, reaching 6.6% — sharing the 13th rank for the highest amongst the 39 counties of the state with Jefferson County.

The labor force participation in Washington state and the layoffs may not be directly interlinked. The participants of labor force are those who are job seeking or are employed and are above the age of 16. Therefore, individuals who have faced layoffs and are still in search of jobs constitute the labor force. A decline in the labor force essentially means individuals have ceased to work and have not been on the active lookout for employment for over four weeks.

Through the month of February to March 2024, the private sector viewed an increment of 2,900 employment, with the government sector viewing a rise in employment of 2,400. On an industrial basis, the greatest gains were seen in sectors such as professional and business services (up by 2,700 jobs) and wholesale trade (up by 1,800 jobs). Losses were seen in other services (down by 2,300 jobs) with the deepest cut witnessed in membership associations and organizations (down by 1,000 jobs).

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