The unemployment rate in Massachusetts held steady at 2.9% in March, according to the Executive Office of Labor and Workforce Development. This figure is 0.9% less than the national average of 3.8%, as reported by the Bureau of Labor Statistics. Over the course of the year, the state’s seasonally adjusted unemployment rate reduced by 0.6%. The labor force saw an increase of approximately 8,300 from the revised estimate of 3,748,700 in February, with an additional 11,300 residents gaining employment and the number of unemployed reducing by 3,000. The labor-force participation rate, measured by the total number of residents aged 16 or more who have worked or were unemployed and actively sought work in the last four weeks, saw a 0.1% increase to 64.9%. Notably, preliminary job estimates from BLS indicate a job gain of 2,900 in March and an overall job gain of 22,500 from March 2023 to March 2024, indicating a strong growth in the state’s job market. Massachusetts’s workforce now stands at 3,740,500, a significant increase from the employment low in April 2020.

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