With employers across the state still struggling to fill open positions, labor officials reported Friday that the statewide unemployment rate ticked downward one-fifth of percentage point to 2.6% in June -- the lowest single-month rate since at least 1976.
The low jobless rate comes as businesses across sectors in Massachusetts report trouble attracting and retaining qualified candidates for open jobs, and as state officials wrestle with tax and policy reforms to address the high cost of living here.
Eric Merlis, managing director and co-head of global markets at Citizens, attributed much of the success to the state economy's diversity and its lack of reliance on a single sector. Still, he said there's some risk potential. If the unemployment rate drops too low, the high wages businesses need to pay to attract workers could push inflation up.
"The good part about 2.6% unemployment is there are a lot of people working. There's a tremendous amount of opportunity here in Massachusetts," he said."The sobering part of it is that employers are going to have to continue paying more to get the workers they want and that's going to push up wages, and that doesn't help the inflationary numbers."
Geehern said the jobs survey is"probably more of a leading indicator" about where the economy is headed.
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