A recent analysis of tax data shows that Rhode Island job growth exceeded original estimates for the first quarter of 2012, according to the RI Department of Labor and Training.
The new estimate for Rhode Island-based jobs as of March 2012 is 464,700 jobs, up 7,000 from earlier numbers reported in April. The earlier estimate indicated that Rhode Island-based jobs had dropped over a year's time by 2,200. However, the new estimate shows that Rhode Island-based jobs had likely increased by 4,800 from March 2011 to March 2012.
Governor Lincoln D. Chafee says, "It's heartening to have hard data that confirms what we've been hearing from individual employers: that the economic recovery in Rhode Island may be more steady than we had originally thought."
First quarter tax data also shows significant increases in job counts in the following industry sectors:
Accommodation and Food Services--revised to 43,800 jobs, up 2,400 jobs from earlier estimates. Professional and Business Services--revised to 55,900 jobs, up 1,700 from earlier estimates. Construction--revised to 16,800 jobs, up 1,600 from earlier estimates.
Tax data also shows moderate decreases in job counts for the following sectors:
Manufacturing--revised to 40,000 jobs, down 900 from earlier estimates. Educational Services (private sector only)--revised to 25,200 jobs, down 700 from earlier estimates.
Monthly estimates are based upon a survey sample of 1,600 Rhode Island employers. The quarterly estimates are based on data from approximately 32,000 employers, and therefore have a smaller margin of error.
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