OLYMPIA, Wash. – Washington’s economy saw a significant dip in October, losing an estimated 35,900 jobs, yet the state’s unemployment rate decreased slightly to 4.7%.
“October shows an unusually high drop in jobs, unlike the relatively small changes over the past several months,” said Anneliese Vance-Sherman, chief labor economist for the Employment Security Department. “This is largely a reflection of the now-resolved strike by Boeing machinists.”
Aerospace employment alone dropped by 31,000 jobs last month, contributing heavily to the overall decline. Despite these setbacks, the state’s unemployment rate only fell slightly, continuing a trend of hovering between 4.7% and 4.9% since March 2024. By comparison, the unemployment rate in October 2023 was 3.8%.
Job losses in October were most pronounced in the manufacturing, leisure and hospitality, and other services sectors. On the other hand, government, education and health services, and information industries saw the largest gains during the same period.
In total, Employment Security paid unemployment benefits to 57,057 people in October, an increase of 3,143 over the previous month. The rise in claims was particularly noticeable in the manufacturing and construction industries.
The state’s labor force shrank slightly by 6,924 people in October, bringing the total to 3,995,931. However, the Seattle/Bellevue/Everett region saw an increase of 7,129 people in its labor force. The number of unemployed people statewide decreased from 190,150 to 187,951, with the Seattle region seeing a similar trend.
Private sector employment fell by 38,300 jobs in October, while government employment increased by 2,400. The largest job gains in the private sector came in education and health services, which added 1,800 jobs. Information and business services also showed modest gains, adding 500 and 300 jobs, respectively.
The most significant losses were in manufacturing, down 31,000 jobs, largely due to the strike at Boeing. Other sectors that saw declines included leisure and hospitality (down 5,400 jobs), other services (down 1,500), and construction (down 800).
Looking at the year-over-year picture, Washington gained an estimated 9,100 jobs from October 2023 to October 2024. However, private sector employment decreased by 0.51%, with a loss of 15,200 jobs. Public sector employment saw a notable increase, rising by 4.1%, or about 24,300 jobs.
The education and health services sector saw the largest growth over the past year, adding 21,200 jobs, while transportation, warehousing, and utilities added 3,000 jobs. In contrast, manufacturing reported the biggest year-over-year loss, with a decrease of 29,100 jobs, including a significant drop of 26,300 jobs in aerospace.
Nationally, the unemployment rate remained steady at 4.1% from September to October, slightly higher than the 3.8% rate in October 2023.
For more details, the full Monthly Employment Report for October 2024 is available on the Employment Security Department’s website.
