Boston Business Journal – The state’s unemployment rate fell again last month to 7.4 percent, moving more within the historic bounds of a recession instead of the record-breaking numbers seen earlier in the pandemic.
The state’s rate is now only slightly above the U.S. unemployment rate of 6.9 percent. Earlier in the pandemic, there was a much wider gulf between the Massachusetts and national rates, in part because the Baker administration put greater Covid-19 restrictions in place than many other states.
At its high point in June, the state rate was 17.7 percent. It has now fallen for four consecutive months, but even in September, when it was just under 10 percent, it was still historically high. Prior to the pandemic, the last time the Massachusetts unemployment rate had been that high was in the 1970s.
By comparison, the rate got as high as October’s 7.4 percent during and after the Great Recession and in the early 1990s.
The rate is still more than double what it was before the pandemic. In March, it was below 3 percent.