Massachusetts Loses Another 7,000 Jobs in October

Massachusetts lost another 7,000 in October, the worst month for the state’s labor market since March 2005, the Patriot Ledger reports.

The unemployment rate in the state is now 5.5%, up from 5.3% in September but lower than the national unemployment rate of 6.5%. However, the New England Economic Partnership believes job losses will continue in Massachusetts through the middle of 2010. In total, Massachusetts will lose 135,000 jobs, or 4.1% of its labor force, between the second quarter of 2008 and 2010, the Partnership estimates.

Financial services, construction and manufacturing are expected to be the hardest-hit areas.

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