The latest unemployment rate for Massachusetts is 3.4% which is below the national average.
With that said, I can say there are jobs in Massachusetts. There are also people who can not find jobs that are a good fit. I know a teacher who can not find work in her field.
In the coming months, we may also see more people in the Boston real estate, title, and mortgage industries looking for jobs. There have been layoffs in the mortgage industry as applications are down. Boston condo brokers and apartment rental agents are usually independent contractors who don’t have to worry about being let go but some will move on if they can’t make enough money to pay their bills. But don’t worry I’ll still be here.
There are plenty of job openings in retail, restaurants, and customer service. There are also a lot of openings for nurses and other health care professionals.
Some local businesses have shortened their hours of operation due to a lack of help.
It seems to me that there are some mismatches between job openings and people who are seeking jobs. It could have to do with an aging workforce, or pay and working conditions.
What are the national unemployment numbers?
The national unemployment rate is 3.5%. Illinois had an unemployment rate of 4.5% and the highest unemployment rate in the country right now is the district of Columbia with a 4.7% unemployment rate. [Source: US Department of Labor data is for September 2022]
The unemployment rate affects the Boston condo for sale market and a lack of housing or lack of affordable housing can affect the employment rate.
Our Boston real estate home vaules are tied into unemployment levels