Tuesday, May 21, 2024

Low unemployment rate, number employed set all-time records in Louisiana

by BIZ Magazine

BATON ROUGE, La. – Louisiana reached its lowest unemployment rate ever recorded with the Bureau of Labor Statistics (BLS) reporting today the state’s seasonally adjusted rate is 3.8 percent. The seasonally adjusted number of employed also set an all-time record growing by almost 4,000 individuals in June 2022.

“From gas to groceries, the cost of everything is going up and it’s exciting to see more Louisianians working than ever before,” said Louisiana Workforce Commission Secretary Ava Cates. “As our workforce continues to grow in strength and skill, we have to continue investing in it to ensure people have the resources they need to maintain not just jobs, but family-thriving careers.”

Louisiana’s seasonally adjusted unemployment rate declined 0.2 percentage points from May 2022 and shows a 2.0 percentage point decline from June 2021. The seasonally adjusted unemployment rate has declined over the year for 16 consecutive months, and has not seen an over-the-month increase since April 2020.

The June 2022 estimate for employed individuals is 2,027,830, a gain of 3,934 from May 2022. When compared to June 2021, the number of seasonally adjusted employed individuals increased by 77,709.

Since May 2022, the number of seasonally adjusted unemployed individuals decreased by 3,669 from 83,464 to 79,795 in June 2022. When compared to June 2021, the number of seasonally adjusted unemployed individuals decreased by 41,086.

The labor force participation rate, which measures people ages 16 to 64 working or looking for work, was 59.0 percent, remaining constant from May. The June 2022 rate gained 0.9 percentage points from June 2021.

As of mid-June, there are over 29,000 jobs available in Louisiana through https://www.louisianaworks.net/hire. LWC’s Hope Central Career Planning & Recovery System, powered by Kuder® offers free training sessions to help you develop the skills you need to get back to work or pursue a new career. Find a webinar to attend here.

“There are good opportunities out there for job seekers, and LWC is here to connect them with the resources they need to land the job,” said Cates. “Job fairs and hiring events are constantly taking place around the state, and employers are eager to hire.”

Keep up with job fairs and other workforce events happening across the state with LWC’s online calendar.

The state’s seasonally adjusted total nonfarm employment for June 2022 is 1,903,800 jobs, down 5,800 jobs from the revised May 2022 estimate of 1,909,600 jobs. When compared to June 2021, seasonally adjusted total nonfarm employment increased by 35,200 jobs. This shows the first over-the-month decline since September 2021, but does show 15 consecutive months with an over-the-year gain.

Louisiana’s seasonally adjusted private sector employment for June 2022 is 1,599,700 jobs, a decrease of 2,300 jobs from the May 2022 revised estimate of 1,602,000 jobs. When compared to June 2021, seasonally adjusted private sector employment increased by 40,700 jobs.

The unemployment rate, number of employed and the number of unemployed are all based on a BLS survey of households in the state. A separate survey of Louisiana businesses is used to generate employment at the nonfarm level and for various industry sectors.

Major industries that showed the largest gains for seasonally adjusted jobs over the month:

• Manufacturing gained 900 jobs from May 2022.

• Other Services gained 600 jobs from May 2022.

• Education and Health Services gained 500 jobs from May 2022.

Major industries that showed the largest gains for seasonally adjusted jobs over the year:

• Leisure and Hospitality gained 12,200 jobs from June 2021.

• Professional and Business Services gained 9,000 jobs from June 2021.

• Manufacturing gained 6,800 jobs from June 2021.

Among Louisiana’s MSAs in June 2022, seasonally adjusted data shows:

• Alexandria (62,300 jobs) showed no change from May 2022, but gained 1,600 jobs from June 2021.

• Baton Rouge (396,400 jobs) declined by 3,300 jobs from May 2022, but gained 7,600 jobs from June 2021.

• Hammond (47,200 jobs) added 100 jobs from May 2022 and gained 700 jobs from June 2021.

• Houma (80,400 jobs) showed no change from May 2022, but lost 2,600 jobs from June 2021.

• Lafayette (201,400 jobs) declined by 100 jobs from May 2022, but gained 5,400 jobs from June 2021.

• Lake Charles (101,400 jobs) declined by 100 jobs from May 2022, but gained 4,800 jobs from June 2021.

• Monroe (76,000 jobs) showed no change from May 2022, but gained 600 jobs from June 2021.

• New Orleans (548,300 jobs) declined by 2,300 jobs from May 2022, but gained 5,700 jobs from June 2021.

• Shreveport (175,600 jobs) added 300 jobs from May 2022 and gained 5,200 jobs from June 2021.

Not Seasonally Adjusted Data

Louisiana’s not seasonally adjusted unemployment rate for May 2022 is 4.6 percent. This is the lowest not seasonally adjusted unemployment rate for the month of June in the history of the series. The rate shows an increase of 1.0 percentage points from the revised May 2022 not seasonally adjusted unemployment rate of 3.6 percent. The rate shows a decrease of 2.6 percentage points from the June 2021 rate of 7.2 percent.

Since May 2022, the number of not seasonally adjusted employed individuals decreased by 1,884 from 2,020,278 to 2,018,394 in June 2022. When compared to June 2021, the number of not seasonally adjusted employed individuals increased by 76,383.

Since May 2022, the number of not seasonally adjusted unemployed individuals increased by 22,152 from 75,902 to 98,054 in June 2022. When compared to June 2021, the number of not seasonally adjusted unemployed individuals decreased by 51,754.

Louisiana’s not seasonally adjusted total nonfarm employment for June 2022 is 1,904,600, a decrease of 12,300 jobs from the May 2022 revised estimate of 1,916,900. When compared to June 2021, not seasonally adjusted nonfarm employment increased by 37,500 jobs. The June 2022 employment figure shows 15 consecutive over-the-year gains.

Louisiana’s not seasonally adjusted total private employment for June 2022 is 1,603,600, a decrease of 2,700 jobs from the May 2022 revised estimate of 1,606,300. When compared to June 2021, not seasonally adjusted private sector employment increased by 42,700 jobs. The June 2022 employment figure shows 15 consecutive over-the-year gains.

June 2022 metropolitan statistical area (MSA) and parish unemployment rates will be released on July 29, 2022.

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