Tuesday, May 28, 2024

March sees record low not seasonally adjusted unemployment rate

by BIZ Magazine

BATON ROUGE, LA – Data released by the Louisiana Workforce Commission show Louisiana’s not seasonally adjusted unemployment rate for March 2023 is 3.3 percent.

This is the lowest rate for the month of March in the series and is tied for the second-lowest rate in series history. The rate shows a drop of 0.2 percentage points from February 2023 and a decrease of 0.2 percentage points from the March 2022 rate of 3.5 percent. This also shows 25 consecutive months with an over-the-year rate decline.

Since February 2023, the number of not seasonally adjusted employed individuals has increased by 19,680 to 2,046,139 in March 2023. This is the highest number of not seasonally adjusted individuals in series history. Compared to March 2022, the number of not seasonally adjusted employed individuals increased by 26,459.

Since February 2023, the number of not seasonally adjusted unemployed individuals has decreased by 4,434 to 69,528 in March 2023. This is the fewest number of not seasonally adjusted unemployed individuals for March and the sixth lowest number in series history. Compared to March 2022, the number of not seasonally adjusted unemployed individuals decreased by 3,309

Area March February March Over-the-Month Over-the-Year 
2023 2023 2022 Change Change 
Louisiana 3.3 3.5 3.5 -0.2 -0.2 
Alexandria MSA 3.0 3.2 3.0 -0.2 0.0 
Baton Rouge MSA 2.9 3.1 3.1 -0.2 -0.2 
Hammond MSA 3.9 4.1 4.0 -0.2 -0.1 
Houma MSA 3.0 3.3 3.7 -0.3 -0.7 
Lafayette MSA 3.1 3.4 3.3 -0.3 -0.2 
Lake Charles MSA 3.0 3.3 3.3 -0.3 -0.3 
Monroe MSA 3.5 3.6 3.4 -0.1 0.1 
New Orleans MSA 3.4 3.6 3.7 -0.2 -0.3 
Shreveport MSA 3.4 3.7 3.5 -0.3 -0.1 

Louisiana’s not seasonally adjusted total nonfarm employment for March 2023 is 1,949,000, an increase of 9,500 jobs from the revised February 2023 estimate of 1,939,500 jobs. Compared to March 2022, not seasonally adjusted nonfarm employment increased by 43,600 jobs. This shows over-the-month employment gains in 11 of the last 15 months and 24 consecutive months with an over-the-year gain. Louisiana’s not seasonally adjusted total private employment for March 2023 is 1,632,400, an increase of 10,800 jobs from the February 2023 revised estimate of 1,621,600. Compared to March 2022, not seasonally adjusted private sector employment increased by 38,400 jobs. This shows over-the-month employment gains in 11 of the last 15 months and 24 consecutive months with an over-the-year gain.

Area March February March Over-the-Month Over-the-Year 
2023 2023 2022 Change Change 
Louisiana 1,949,000 1,939,500 1,905,400 9,500 43,600 
Alexandria MSA 62,900 62,800 61,500 100 1,400 
Baton Rouge MSA 422,400 418,100 408,400 4,300 14,000 
Hammond MSA 48,100 47,900 47,300 200 800 
Houma MSA 81,400 80,700 80,100 700 1,300 
Lafayette MSA 201,800 201,100 199,700 700 2,100 
Lake Charles MSA 96,100 95,400 95,700 700 400 
Monroe MSA 77,900 77,800 76,900 100 1,000 
New Orleans MSA 564,100 563,900 551,200 200 12,900 
Shreveport MSA 176,400 176,400 174,300 2,100 

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