BOSTON (WWLP) - The Massachusetts jobless rate continues to climb and was 3.8% last month. This rate was reported by the Executive Office of Labor and Workforce Development on Friday in a yearly report that analyzes job loss rates and the status of unemployment insurance trust fund. The trust fund, which is made up of employer-paid unemployment taxes, provides a temporary safety net for workers who lost their jobs due to no fault of their own. The 3.8% jobless rate is half a percentage point above the rate one year ago, and .1 percentage points higher than the rate one month ago. Early job estimates show that Massachusetts jobs decreased by 2,600 in September, following a 2,100 job decrease in August. The state provides a breakdown of where these job losses happened, including 1,900 jobs lost in financial activities, 2,100 jobs lost in hospitality, and 7,200 jobs in government. The report attributes these losses to "nuances of the seasonal adjustment process." Over the course of the last year, however, Massachusetts gained 34,100 jobs, according to the state. The report shows that the unemployment insurance trust fund will have a 300 million dollar deficit by the end of 2028. This deficit could grow even larger if joblessness exceeds 3.7% at any time over the next few years. The lowest joblessness rates over the last year occurred in February, March, and April. During these months, the rate sat at 2.9%. The Massachusetts jobless rate is still lower than the national rate, which sits at 4.1%. Local News Headlines I-391 southbound ramp in Chicopee closed Tuesday afternoon Springfield police seek help locating missing 78-year-old woman with dementia Hot weather makes it feel like return of summer for the next few days House passes closeout budget bill WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.