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Unemployment rate down to 7.4 percent for October, but Rhode Island lost 2,600 jobs

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PROVIDENCE, Rhode Island — Rhode Island's unemployment rate fell to 7.4 percent in October, but the state shed 2,600 jobs.

The state Department of Labor and Training reported Thursday that the rate had fallen two-tenths of 1 percentage point from September.

The number of unemployed residents was down 1,400, to 40,900. The figure has declined for 15 straight months to the lowest unemployment level since April 2008. The number of unemployed dropped 11,200 over the year.

But the state lost 2,600 jobs from the revised September estimate. The number of nonfarm jobs in Rhode Island was 476,500.

The size of the labor force was also down 400, to 555,400. But that's up 3,400 from a year ago.

The U.S. unemployment rate is 5.8 percent.

A year ago, Rhode Island's unemployment rate was 9.4 percent.

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