The preliminary seasonally adjusted unemployment rate of 3.8 percent for August was little changed from the 3.7 percent seen in July — and slightly lower than a year ago.
“Unless there’s some kind of a shock to the system, a financial shock or a 9/11 event, I would expect unemployment to remain very low for quite some time,” says state labor economist Glenn Mills.
Mills says Maine’s demographics have a lot to do with the persistent low rate of unemployment.
“With more baby boomers aging out of the workforce than there are young people aging in, so that plays to a very tight labor market continuing for quite a number of years,” he says.
Unemployment in Maine has remained steady for almost two years now — 23 months — the second longest period in more than 40 years that the rate has been at or below 4 percent.