What’s Happening in Worcester?
By Nick Fletcher | October 27, 2022
We have all heard plenty about the U.S. economy. Inflation is through the roof, GDP is down, and employment growth is stagnant – but what’s happening here? What’s happening right here, right now in Worcester, Massachusetts? Far too often we hear about the economic state of our country and feel like it does not pertain to us. The state of the economy often seems like something far too significant for us to impact in our daily lives. So, instead of focusing on the behemoth that is the entire country, why not take a look at our own community and what’s going on around us?
In the most recent employment situation report issued by the Bureau of Labor Statistics, the national unemployment rate was estimated to be 3.5%. Estimations of Worcester unemployment numbers for September have not been issued yet, but for the month of August, the unemployment rate was 3.7% and matched the national rate. On a national level, there was an increase in employment of 263,000 jobs for the month of September. This continues a trend of positive, although slowed, job growth for the national economy. The most significant job gains for September were in the leisure, health care, and hospitality sectors, which are all key industries in the Worcester economy as well. Regarding employment figures for Worcester, total employment dropped by an estimated 300 jobs from August to September. This is the third straight report indicating a decrease in employment figures for the city of Worcester, dating back to May of 2022.
While a sinking unemployment rate seems to be following the national trend, the Worcester economy is not adding jobs at the same rate as the rest of the United States. Worcester has grown tremendously in the last two decades, both in population and economic figures, so a decrease in jobs is alarming – no matter how small.
An answer to this problem is to support your local economy. Take advantage of the buy one get one free deal at Volturno’s pizza every Monday and Tuesday. Don’t take your car home to get it fixed, take it to a mechanic in Worcester. Check out the Worcester Regional Food Hub’s new Market Place downtown at 446 Main St., where you can try new food from an extremely diverse staff of chefs. No matter how small your contribution might be, it is essential to support your local economy as much as you can to help Worcester grow!
Edited by Maggie Reddington