Sunday, July 14, 2024

Louisiana unemployment rate continues record breaking downward trend

by BIZ Magazine

BATON ROUGE – For the second month in a row, Louisiana set a record for its lowest unemployment rate ever as the Bureau of Labor Statistics (BLS) reported the state’s seasonally adjusted rate is 3.6 percent. The July 2022 estimate for employed individuals is 2,027,635, the 2nd largest figure in series history.

“These historic numbers are signs that Louisiana is moving in the right direction,” said Louisian Workforce Commission Secretary, Ava Cates, “The workforce commission is dedicated to our state’s continued success by offering programs and services to all Louisianians so they can meet their career goals.”

Louisiana’s seasonally adjusted unemployment rate declined 0.2 percentage points from June 2022 and shows a 1.9 percentage point decline from July 2021. The seasonally adjusted unemployment rate has declined over the year for 17 consecutive months, and has not seen an over-the-month increase since April 2020.

Since June 2022, the number of seasonally adjusted unemployed individuals decreased by 2,995 from 79,778 to 76,783 in July 2022. This breaks the record low set in June 2006 of 77,214. When compared to July 2021, the number of seasonally adjusted unemployed individuals decreased by 36,479.

The July 2022 estimate for employed individuals is 2,027,635, the 2nd largest figure in series history. When compared to July 2021, the number of seasonally adjusted employed individuals increased by 75,915.

The labor force participation rate, which measures people ages 16 to 64 working or looking for work, was 58.9 percent, a decrease of 0.1 percentage points from June. The July 2022 rate gained 1.0 percentage points from July 2021.

To help ensure the state’s workforce is ready for careers of the future LWC launched “Tech Ready Louisiana,” a program that will bring free online learning to thousands of people across the state. LWC is partnering with Coursera to offer Louisianians access to thousands of courses to help them develop new skills and increase their career readiness.

“Close to 1,000 Louisianians already signed up for Tech Ready because they recognize the opportunity to take themselves from courses to careers,” said Cates, “This partnership will help people find not just family sustaining careers, but family thriving ones.”

To register for “Tech Ready Louisiana” residents need to be 18 or older and have or create a HiRE. Once they have an account they can register here or use the link on our homepage. To learn more about Coursera and the courses they offer, click here.

The state’s seasonally adjusted total nonfarm employment for July 2022 is 1,922,200 jobs, an increase of 13,700 jobs from the revised June 2022 estimate of 1,908,500 jobs. When compared to July 2021, seasonally adjusted total nonfarm employment increased by 36,100 jobs. The series is at its highest employment level since March 2020 and has seen 16 consecutive months with an over-the-year gain.

Louisiana’s seasonally adjusted private sector employment for July 2022 is 1,606,300 jobs, an increase of 9,900 jobs from the June 2022 revised estimate of 1,613,600 jobs. When compared to July 2021, seasonally adjusted private sector employment increased by 40,100 jobs.

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

  • Professional and Business Services gained 6,700 jobs from June 2022.
  • Government gained 3,800 jobs from June 2022.
  • Education and Health Services gained 2,700 jobs from June 2022

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

  • Professional and Business Services gained 15,200 jobs from July 2021.
  • Leisure and Hospitality gained 7,800 jobs from July 2021.
  • Manufacturing gained 6,800 jobs from July 2021.

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

  • Alexandria (62,500 jobs) added 200 jobs from June 2022 and gained 1,700 jobs from July 2021.
  • Baton Rouge (399,700 jobs) added 1,700 jobs from June 2022 and gained 10,000 jobs from July 2021.
  • Hammond (46,900 jobs) showed no change from June 2022, but lost 600 jobs from July 2021.
  • Houma (80,500 jobs) added 100 jobs from June 2022, but lost 2,600 jobs from July 2021.
  • Lafayette (201,300 jobs) added 300 jobs from June 2022 and gained 4,400 jobs from July 2021.
  • Lake Charles (101,900 jobs) added 300 jobs from June 2022 and gained 3,200 jobs from July 2021.
  • Monroe (76,100 jobs) showed no change from June 2022, but gained 700 jobs from July 2021.
  • New Orleans (553,300 jobs) added 3,900 jobs from June 2022 and gained 3,800 jobs from July 2021.
  • Shreveport (177,200 jobs) added 1,600 jobs from June 2022 and gained 5,700 jobs from July 2021.

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