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Wednesday, November 15, 2006
State jobless rate declines to 4.8%
Washington's unemployment rate dropped by half a percentage point last month, to 4.8 percent, because 10,700 new seasonally adjusted jobs opened up, the state's Employment Security Department said Tuesday. The rate fell from 5.3 percent in September.
Employment Security Commissioner Karen Lee called the low rate "great news," saying it brings greater economic stability to the state.
Over the year's first 10 months, Washington's unemployment rate was 4.9 percent -- the lowest annual average rate since 1999.
In October, the U.S. unemployment rate dropped to 4.4 percent, from 4.6 percent the month before. In the Seattle-Bellevue-Everett area, October unemployment stood at 4.0 percent, down from 4.3 percent in September.
The lowest October unemployment rate statewide was in San Juan County, with 2.9 percent, while the highest was 6.4 percent, in both Columbia and Grays Harbor counties.
Statewide, the strongest employment gains occurred in retail trade, leisure and hospitality, and manufacturing and construction. Declines occurred in the financial-activities and transportation segments. Evelina Tainer, the agency's chief economist, speculated that the financial-activities declines could be the result of banks' hiring fewer loan officers as housing sales slow.
She said the outlook for hiring looks good for the upcoming holiday season.
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