The statewide unemployment rate experienced a slight drop in July.
Figures released by the Department of Workforce Development show the rate down to 8.7 percent for July, a drop of 0.5 percent from June’s rate. The numbers are even with the unemployment rate for May of this year.
DWD Economic Advisor Dennis Winters says it’s a sign the job market could be stabilizing right now and ready to turn up.
However, Winters says it may still be awhile before the state sees an influx of new jobs. He says businesses will typically try to bring existing employees back to full strength before adding new permanent help to their workforce.
Winters says July usually sees a drop in the rate, due to the impact of seasonal jobs. As a result, he says the adjusted numbers show unemployment may have actually held steady last month.
The statewide unemployment rate in July of 2008 was 4.6-percent.
