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News Release

Released: Friday, March 22 at 10 a.m.

Contact: Glenn Mills, 207-530-2079

The Employment Situation in Maine – February 2024

Nonfarm jobs increased to a new high for the fourth consecutive month and the 3.4 percent unemployment rate was unchanged for the fifth month.

Download data as a spreadsheet: Nonfarm Payroll Job Estimates | LAUS Seasonally Adjusted Data

These estimates are derived from two monthly surveys. The Current Population Survey collects information from households on labor force status, including labor force participation, employment, and unemployment. The Current Employment Statistics survey collects information from nonfarm employers by industry on the number of wage and salary jobs, hours worked, and wages paid to individuals on their payrolls. Both surveys are administered by the U.S. Bureau of Labor Statistics. Preliminary estimates from the two surveys sometimes diverge in direction or magnitude of change. Over extended periods they tend to be more aligned.

Statewide Seasonally Adjusted Labor Force Estimates

The preliminary unemployment rate was 3.4 percent – unchanged since October. The average for the three-month period through February was 0.1 points higher than for the preceding three months through November. This resulted from a slight decrease in the employment rate found in the survey of households, a pattern that is at odds with indications from the larger payroll survey, which tends to be more reliable over several months.

Unemployment has been below four percent for 27 months – the second longest such period – and below the U.S. average for all but two months in more than 16 years. Unemployment remains below the long-term average for the state. (The average since the current methodology was adopted in January 1976 is 5.5 percent.)

Over the Month Change in Labor Force (Seasonally Adjusted)
Metric Jan Feb Change
Labor Force Participation Rate 59.3% 59.3% 0.0%
Employment to Population Ratio 57.3% 57.3% 0.0%
Unemployment Rate 3.4% 3.4% 0.0%
Three-Month Average Labor Force (Seasonally Adjusted)
Metric Sep to Nov Dec to Feb Change
Labor Force Participation Rate 59.4% 59.3% -0.1%
Employment to Population Ratio 57.4% 57.3% -0.1%
Unemployment Rate 3.3% 3.4% 0.1%

Unemployment averaged 3.4 percent for New England and 3.9 percent for the U.S. in February.

Statewide Seasonally Adjusted Nonfarm Jobs Estimates

The preliminary estimate of 656,200 nonfarm wage and salary jobs was up 700 over the month and 9,400 over the year. Jobs reached a new high for the fourth consecutive month. The February increase was close to the 800 monthly average gain in the last 12 months.

Jobs in healthcare and social assistance increased 6,000 over the year, accounting for close to two-thirds of net job growth. The sector increased 0.7 points to 17 percent of jobs, its highest share on record, except for the first 11 months after the onset of the pandemic in 2020. The share of jobs was little changed in other sectors.

Industry Jobs (in thousands) Change in Jobs
2023 2024 Share of Jobs Over the Month Over the Year
Feb Jan Feb Feb 23 Feb 24 Net Percent Monthly Average Net Percent
Total Nonfarm 646.8 655.5 656.2 100% 100% 0.7 0.1% 0.8 9.4 1.5%
Total Private 547.7 554.0 554.9 84.7% 84.6% 0.9 0.2% 0.6 7.2 1.3%
Healthcare & Social Assistance 105.5 110.8 111.5 16.3% 17.0% 0.7 0.6% 0.5 6.0 5.7%
Retail Trade 81.4 82.6 82.4 12.6% 12.6% -0.2 -0.2% 0.1 1.0 1.2%
Professional & Business Services 76.5 77.8 78.0 11.8% 11.9% 0.2 0.3% 0.1 1.5 2.0%
Leisure & Hospitality 68.3 68.2 68.6 10.6% 10.5% 0.4 0.6% 0.0 0.3 0.4%
Manufacturing 54.6 53.6 53.6 8.4% 8.2% 0.0 0.0% -0.1 -1.0 -1.8%
Construction 33.5 34.4 34.0 5.2% 5.2% -0.4 -1.2% 0.0 0.5 1.5%
Financial Activities 33.9 33.7 33.6 5.2% 5.1% -0.1 -0.3% 0.0 -0.3 -0.9%
Educational Services 22.6 22.5 23.0 3.5% 3.5% 0.5 2.2% 0.0 0.4 1.8%
Other Services 22.2 22.1 22.1 3.4% 3.4% 0.0 0.0% 0.0 -0.1 -0.5%
Transportation, Warehousing & Utilities 19.2 18.9 19.0 3.0% 2.9% 0.1 0.5% 0.0 -0.2 -1.0%
Wholesale Trade 19.7 19.2 18.9 3.0% 2.9% -0.3 -1.6% -0.1 -0.8 -4.1%
Information 8.2 8.1 8.2 1.3% 1.2% 0.1 1.2% 0.0 0.0 0.0%
Mining & Logging 2.1 2.1 2.0 0.3% 0.3% -0.1 -4.8% 0.0 -0.1 -4.8%
Government 99.1 101.5 101.3 15.3% 15.4% -0.2 -0.2% 0.2 2.2 2.2%
Local 59.8 61.2 61.3 9.2% 9.3% 0.1 0.2% 0.1 1.5 2.5%
State 22.5 23.2 22.9 3.5% 3.5% -0.3 -1.3% 0.0 0.4 1.8%
Federal 16.8 17.1 17.1 2.6% 2.6% 0.0 0.0% 0.0 0.3 1.8%
Industries in decending order by current month jobs.

Not Seasonally Adjusted County and Metro Labor Force Estimates

On a not seasonally adjusted basis the statewide unemployment rate was 3.9 percent. Rates were at least 0.3 percentage points higher than that in nine counties, at least 0.3 points lower than that in three, and close to the average in four. Rates were lowest in Sagadahoc and highest in Piscataquis counties.

Among the three metro areas of the state, unemployment was below the statewide average in Portland-S. Portland and close to the average in Bangor and Lewiston-Auburn.

(Labor force estimates for substate areas, including unemployment rates, are not seasonally adjusted. Because of this, estimates for a certain month should be compared to the same month in other years and should not be compared to other months in the same or other years.)

Feburary Labor Force Estimates (not seasonally-adjusted)
County Employed Unemployed Unemployment Rate
2023 2024 2023 2024 2023 2024
Counties
Androscoggin 51,540 52,170 1,710 2,020 3.2% 3.7%
Aroostook 27,290 27,090 1,230 1,520 4.3% 5.3%
Cumberland 158,990 160,930 3,690 4,740 2.3% 2.9%
Franklin 13,570 13,540 470 640 3.4% 4.5%
Hancock 25,380 25,620 1,400 1,650 5.2% 6.0%
Kennebec 59,970 60,960 1,680 2,110 2.7% 3.3%
Knox 18,640 18,780 740 880 3.8% 4.5%
Lincoln 15,550 15,610 570 690 3.5% 4.2%
Oxford 25,400 25,720 920 1,020 3.5% 3.8%
Penobscot 70,990 72,560 2,380 3,130 3.2% 4.1%
Piscataquis 6,740 6,680 330 520 4.7% 7.2%
Sagadahoc 18,580 18,610 470 500 2.4% 2.6%
Somerset 20,860 20,960 1,080 1,240 4.9% 5.6%
Waldo 19,280 19,390 760 880 3.8% 4.3%
Washington 12,220 12,340 770 880 5.9% 6.6%
York 108,750 110,230 3,460 4,260 3.1% 3.7%
Metropolitian Areas
Bangor 65,790 67,340 1,970 2,560 2.9% 3.7%
Lewiston-Auburn 51,850 52,530 1,720 2,010 3.2% 3.7%
Portland-S Portland 201,160 203,780 4,950 6,390 2.4% 3.0%
Maine and U.S.
Maine 653,730 661,220 21,640 26,640 3.2% 3.9%
U.S. (in thousands) 159,710 160,320 6,470 6,970 3.9% 4.2%

Not Seasonally Adjusted Statewide and Metro Area Hours and Earnings Estimates

The private sector workweek averaged 32.8 hours and earnings averaged $31.33 per hour in February. Average hours decreased 0.8 and hourly earnings increased 4.7 percent from a year ago. Earnings increases were led by an eight percent gain in professional and business services. The workweek was longest in construction and shortest in leisure and hospitality. Earnings were highest in professional and business services and lowest in leisure and hospitality.

Hourly earnings were higher than the statewide average in the Portland-S. Portland metro and slightly lower in the Bangor and Lewiston-Auburn metros.

February Average Hours and Earnings Estimates (not seasonally-adjusted)
Sector/Area Weekly Hours Hourly Earnings
2023 2024 Change 2023 2024 % Change
Sectors Statewide
Total Private 33.6 32.8 -0.8 $29.92 $31.33 4.7%
Construction 38.9 38.0 -0.9 $30.18 $32.01 6.1%
Manufacturing 39.6 37.6 -2.0 $28.42 $30.39 6.9%
Trade, Transportation & Utilities 32.1 31.4 -0.7 $25.41 $26.45 4.1%
Professional & Business Services 34.8 33.5 -1.3 $34.27 $37.01 8.0%
Education & Health Services 33.1 32.8 -0.3 $33.45 $34.74 3.9%
Leisure & Hospitality 28.3 26.8 -1.5 $22.73 $22.54 -0.8%
Metropolitian Areas, Private Sector
Bangor 33.5 34.1 0.6 $28.27 $30.15 6.7%
Lewiston-Auburn 34.9 34.3 -0.6 $27.62 $28.62 3.6%
Portland-S Portland 32.7 32.0 -0.7 $32.81 $34.45 5.0%
United States 34.3 34.1 -0.2 $33.20 $34.61 4.2%

February workforce estimates will be published Friday, April 19 at 10 a.m. The data release schedule is here.
Nonfarm jobs data is available here.
Unemployment and labor force data is available here.

Notes:
  1. Preliminary seasonally-adjusted labor force estimates, including rates (labor force participation, employment, and unemployment rates), and levels (labor force, employed, and unemployed), as well as nonfarm wage and salary job estimates are inexact. Annual revisions (published in March each year) add accuracy. A comparison of 2022 and 2023 revised and previously published estimates is available in this blog.
  2. The 90 percent confidence interval for the statewide seasonally adjusted unemployment rate for February was between 2.7 and 4.1 percent.
  3. Nonfarm wage and salary jobs from the payroll survey provide a better indication of changes in employment than resident employment from the household survey. The payroll survey is larger and has smaller margins of error.
  4. Nonfarm payroll jobs estimates tend to be variable from month to month because the representativeness of reporting employers can differ. Seasonal adjustment is imperfect because weather, the beginning and ending of school semesters, and other events do not always occur with the same timing relative to the pay period that includes the 12th day of the month, which is the survey reference period. This sometimes exacerbates monthly changes in jobs estimates. Users should look to the trend over multiple months rather than the change from one specific month to another. Jobs estimates for the period from April 2023 to September 2024 will be replaced with payroll data in March 2024. Those benchmark revisions usually show less monthly variability than previously published estimates.