Massachusetts Loses Jobs for Second Straight Month as High Rates Slow Economy
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Massachusetts lost jobs for the second month in a row in October, the first back-to-back losses since the COVID-19 shutdowns in 2020.
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The state shed 800 jobs in October after losing 2,600 in September. The unemployment rate rose to 2.8% from 2.6%.
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Job losses were led by professional/scientific/tech services, which cut 3,800 jobs. Government shed 2,400 jobs and leisure/hospitality lost 1,200.
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Sectors adding jobs included education/health services (+3,700) and construction (+1,100).
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The losses reflect a slowing national economy as high interest rates curb consumer spending, which makes up 70% of U.S. economic activity.