WA jobless rate holds steady |
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Tue, 13 Nov 2007 21:58
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OLYMPIA, Wash. (AP) - Washington's unemployment rate in October was unchanged from the previous month at 4.8 percent, a key indicator that the state economy is still doing well, state Employment Security Commissioner Karen Lee said Tuesday.Lee said Washington employers added 7,200 jobs in October after a drop in September. Over the past 12 months, payrolls have grown by 84,900, a 3 percent growth rate that outpaced the national expansion of 1.2 percent.The state's latest jobless figure, covering the month of October, continues the year's string of low unemployment. The modern record for low unemployment, 4.4 percent, was set in April. Economists typically say anything below 5 percent is textbook full employment.The national rate is 4.7 percent, unchanged from the previous month.The state's rate was 5 percent one year ago.'The low unemployment we have enjoyed this entire year is one of the indicators we look at to judge the economy's health and it's great to be able to say that we are still doing well,' Lee said.'In fact, the numbers we have for last month continue the healthy job-growth trend we have enjoyed for the past three years.'However, the state Economic and Revenue Forecast Council had some darker news: Tax collections during the past two months lagged $18 million below the level projected in September. This reflected lower collections for sales, business and real estate excise taxes.Director ChangMook Sohn said if three unusually large audit payments hadn't come in, total collections would have been off $61 million.In October, the largest job growth came in government, up 2,900; construction, up 900; and manufacturing, also up 900. Overall, private sector employment was up 4,300. Other services and transportation, warehousing and utilities all shed workers during the month.An estimated 145,900 people, not seasonally adjusted, are out of work, out of a labor force of 3.4 million. Job openings are posted online at http://www.go2worksource.com.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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