Maine’s labor market remained steady in October 2024, continuing a pattern of minimal change in employment conditions. According to the latest data from the Maine Department of Labor, the state’s unemployment rate held at a preliminary 2.9%, consistent with the average for the year and just slightly above the 2.8% rate reported in the previous four months.
Unemployment Remains Low
Maine’s unemployment rate has been below 4% for 35 consecutive months, marking the second-longest streak in the state’s history. Additionally, it continues to outperform the national average, a trend maintained for nearly 17 years, excluding only two months. In comparison, October’s unemployment rate for New England averaged 3.5%, while the U.S. rate stood at 4.1%. Maine’s unemployment rate remains well below the state’s long-term average of 5.4%, dating back to the adoption of the current methodology in 1976.
Nonfarm Job Growth and Sector Highlights
Nonfarm jobs in Maine totaled 657,700 in October, a gain of 6,900 jobs over the past year, averaging about 600 new jobs per month. This stability is noteworthy, as estimates for each month in 2024 have varied by less than 0.2% from the year-to-date average.
Key sectors driving job growth include:
- Healthcare and Social Assistance
- Leisure and Hospitality
These sectors have accounted for the majority of the employment gains, highlighting their critical role in Maine’s economy.
Hours and Earnings
The average private-sector workweek in Maine remained steady at 33.5 hours, with average hourly earnings rising to $32.05, an increase of 4.8% compared to the previous year. The longest workweeks were reported in the construction industry, while the shortest were in leisure and hospitality.
Hourly earnings showed regional variation:
- Portland-South Portland Metro Area: Higher than the statewide average
- Bangor and Lewiston-Auburn Metro Areas: Slightly below the statewide average
Earnings were highest in professional services and lowest in leisure and hospitality, reflecting industry-specific wage trends.
Maine’s labor market continues to demonstrate resilience and stability, with low unemployment, steady job growth, and rising wages. As the state sustains these positive trends, the focus remains on supporting key industries and maintaining a strong, adaptable workforce.