Employment figures in Maine for January are remaining steady compared to the end of 2023, and one local economist predicts no major upsets in the immediate future.

“Right now, we have a very strong economy,” said Paul Shea, a professor of economics at Bates College. 

New data released Monday from the state Department of Labor showed a continuation of recent trends. The estimated number of nonfarm jobs was virtually unchanged in January 2024 compared to December 2023. After a massive drop in April 2023, the number of jobs has been ticking upward ever since.

The unemployment rate also remained stable in January, at 3.4%, exactly as it was in December 2023. On a county-by-county basis, the highest unemployment rate was in Washington County, at 6.4%. The lowest rate was in Sagadahoc County at 2.7%. 

Shea said on the national level, corrections for rates reported from December 2023 through February 2024 painted a slightly worse picture, but overall the economy is in a “full employment” situation, with the problem being not enough workers for too many jobs.

“The labor market, to be honest, is rather boring right now,” he said. 

That can be a good thing, he added, as strong negative changes to labor and unemployment typically follow strong negative changes elsewhere in the economy. 

In 2023, Shea said, there was a lot of growth that has slowed down in the first months of this year, but that’s more of a sign of things getting back to normal, rather than an indication of any downturns happening. That means, he said, that the employment situation in the state is also unlikely to change soon. 

“Right now, there’s no signs of a recession in the U.S. economy,” he said.