Jobs & Opportunity Index (JOI), July 2016: Ocean State Up a Step (For Now)

The notable development with the July Jobs & Opportunity Index (JOI) is that Rhode Island edged past New York to claim the rank of 47 out of 50 states in the nation. Eight of 13 datapoints were new this month. The Ocean State even managed to narrow its gap with the New England and U.S. averages slightly. Although, the state remained in last place in the region by a significant margin.

All updated metrics improved for Rhode Island. Employment was up 1,428 from the previously recorded number, labor force up 1,721, and RI-based jobs up 2,500. (Note that employment numbers are subject to heavy revision.) Medicaid enrollment decreased by 2,129, while TANF decreased by 805. Also updated, this month, were the alternative measures of unemployment calculated by the Bureau of Labor Statistics, now covering the second quarter of 2016. Long-term unemployment was down 1,200, marginally attached Rhode Islanders down 700, and people involuntarily part-time employed (rather than full time) decreased 2,400.

The first chart shows the six New England states in the national race. Rhode Island was the only state to see an increase in actual overall JOI score, although New Hampshire did advance to 3rd place in the country, as North Dakota slipped. Connecticut fell three spaces, to 36th, but Maine, Vermont, and Massachusetts held their spots at 17th, 19th, and 37th, respectively.

The second chart shows the gap between Rhode Island and New England and the United States. By contrast, Rhode Island’s gap increased on unemployment rate, holding steady while the New England and U.S. rates dropped a little (third chart).

Results for the three underlying JOI factors were:

• Job Outlook Factor (measuring optimism that adequate work is available): RI moved forward five slots to 38th place.
• Freedom Factor (measuring the level of work against reliance on welfare programs): RI remained at 39th.
• Prosperity Factor (measuring the financial motivation of income versus taxes): RI still ranks 46th, with no data points updated.