Wednesday, February 29, 2012

Washington is going back to work: ESD says many thousands of citizens are new on the job

How about another mighty fine sign that we could well be putting the Great Recession in the ol' rear-view mirror? The Employment Security Department says the Evergreen State's employment rate actually soared last month, gaining an estimated 13,200 jobs. For you "statheads" out there, this means that the seasonally adjusted unemployment rate plummeted to an estimated 8.3 percent.
Employment Security Commissioner Paul Trause said that the new and improved figures "show that our economy is gaining strength, and that’s great news to start the new year." The department also points out that December's previous estimate of 10,700 job losses has been turned around. In fact, we're talking about a gain of 100 jobs! Further, "benchmarked data" show that Washington actually gained upward of 53,500 jobs in 2011, compared to the 26,600 job-gain previously reported.
But you're no doubt wondering what in the name of Sam Hill "benchmarked data" means, right? OK, listen up: The United States Department of Labor's Bureau of Labor Statistics just put the finishing touches on its yearly benchmarking project. Wage reports turned in by employers were blended with other timely details to firm up previously estimated unemployment rates and job numbers for each month of 2011. This latest, strongest research is what shows that we really gained more jobs last year than we thought we did at first. Professional and business services and retail trade reported the strongest job-gains, while the government sector had the most job-losses.
Want more info? Check out these websites:
* Read the full report here.
* Read more labor-market info here.
* Read about state and local trends here.