he Department of Labor and Training's (DLT) most recent analysis of fourth quarter tax data indicates that Rhode Island job growth is greater than originally estimated, with 2,100 more jobs than first reported in December 2013. This would bring the total number of Rhode Island-based jobs for December 2013 to 473,300.
DLT's quarterly tax data is obtained from the state's 32,000 employers and is considered to be more accurate than the survey-based data released earlier by DLT in conjunction with the US Bureau of Labor Statistics (BLS). The BLS estimates are sample-based estimates generated from a monthly survey of some 1,700 businesses.
Additionally, the estimates derived from tax data show that over the year, Rhode Island gained 5,200 jobs between December 2012 and December 2013, as compared to earlier BLS estimates showing a job gain of 3,100 for that period.
Based on the tax data review, upward revision are projected for nine economic sectors with the largest expected in Professional & Business Services (+600), Information (+400), Financial Activities (+300), Other Services (+300) and Construction (+200). Government employment is also expected to be revised up (+200) due to more jobs at the local level. A downward revision of 200 jobs is projected for the Retail Trade sector.
"The state must continue to focus on the fundamentals with our investments in education, infrastructure and workforce development," Governor Chafee said. "These investments continue to pay dividends, strengthen the economy and will allow Rhode Island to make additional progress forward."
"I am pleased to see that this latest tax data supports the continued job growth we are seeing in the state," said Director of the Department of Labor and Training Charles J. Fogarty. "I am especially glad to see much of this job growth is in the Professional & Business Services industry, a sector which typically pays higher than average wages."