Sunday, July 21, 2024

Louisiana unemployment rate lowest in series history 

by BIZ Magazine

BATON ROUGE – Data released today by the federal Bureau of Labor Statistics shows that Louisiana continues to set unemployment records. 

The seasonally adjusted unemployment rate for August 2023 is 3.3 percent, the lowest rate in series history. The rate shows a decrease of 0.1 percentage points from the July 2023 figure of 3.4 percent and decreased by 0.2 percentage points from the August 2022 figure of 3.5 percent. 

The number of seasonally adjusted unemployed individuals for August 2023 is estimated to be 68,814, also a new series record low. Since July 2023, the number of seasonally adjusted unemployed individuals has decreased by 2,014. Compared to August 2022, the number of seasonally adjusted unemployed individuals decreased by 4,653. 

The number of seasonally adjusted employed individuals for August 2023 is 2,025,507. The number of employed saw a loss of 6,973 individuals from the July 2023 revised estimate of 2,032,480. When compared to August 2022, the number of seasonally adjusted employed individuals increased by 18,548. This is the 29th consecutive month with an over-the-year gain in the number of employed. 

“The Louisiana unemployment rate is the lowest it has been in series history” said the Louisiana Workforce Commission Secretary Robert Wooley. “We have had many job fairs over the month throughout the state, where jobseekers have been able to speak with employers, fill out job applications, interview and receive conditional job offers on site, and visit our Mobile Workforce Unit for assistance in their career journey. This is a true testament to how we are working to continuously put our Louisiana citizens back to work.” 

The state’s seasonally adjusted total nonfarm employment for August 2023 is 1,964,600 jobs, an increase of 7,400 jobs from the July 2023 revised estimate of 1,957,200 jobs. Compared to August 2022, seasonally adjusted total nonfarm employment increased by 34,200 jobs. The series has seen 29 consecutive months with an over-the-year gain. 

Louisiana’s seasonally adjusted private sector employment for August 2023 is 1,648,000 jobs, an increase of 6,700 jobs from the July 2023 revised estimate of 1,641,300 jobs. Compared to August 2022, seasonally adjusted private sector employment increased by 29,600 jobs. The series has added jobs over the year for 29 consecutive months. 

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

• Construction gained 2,500 jobs from July 2023. 

• Trade, Transportation, and Utilities gained 1,300 jobs from July 2023. 

• Both the Professional and Business Services industry and the Private Education and Health Services industry added 1,100 jobs from July 2023. 

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

• Private Education and Health Services gained 10,500 jobs from August 2022. 

• Construction gained 9,300 jobs from August 2022

• Government gained 4,600 jobs from August 2022. 

Among Louisiana’s MSAs in August 2023, seasonally adjusted data shows: 

• Alexandria (63,500 jobs) lost 200 jobs from July 2023, but gained 900 jobs from August 2022. 

• Baton Rouge (424,500 jobs) added 600 jobs from July 2023 and gained 9,800 jobs from August 2022. 

• Hammond (48,700 jobs) lost 100 jobs from July 2023, but gained 1,200 jobs from August 2022. 

• Houma (81,000 jobs) lost 100 jobs from July 2023 and declined by 800 jobs from August 2022. 

• Lafayette (204,500 jobs) lost 200 jobs from July 2023, but gained 2,700 jobs from August 2022. 

• Lake Charles (97,600 jobs) added 400 jobs from July 2023 and gained 3,000 jobs from August 2022. 

• Monroe (78,800 jobs) lost 100 jobs from July 2023, but gained 1,000 jobs from August 2022. 

• New Orleans (568,400 jobs) added 2,100 jobs from July 2023 and gained 10,600 jobs from August 2022. 

• Shreveport (178,200 jobs) added 200 jobs from July 2023 and gained 2,600 jobs from August 2022. 

Not Seasonally Adjusted Data 

Louisiana’s not seasonally adjusted unemployment rate for August 2023 is 3.4 percent. This is the lowest rate for the month of August in series history, and is the third lowest rate all-time. The rate shows an increase of 0.1 percentage points from the July 2023 rate of 3.3 percent but a decrease of 0.5 percentage points from August 2022. 

Since July 2023, the number of not seasonally adjusted unemployed individuals has increased by 1,782 to 71,468 in August 2023. This is the lowest number of not seasonally adjusted unemployed individuals for the month of August in series history and the 10th lowest of all-time. Compared to August 2022, the number of not seasonally adjusted unemployed individuals decreased by 10,638. 

Since July 2023, the number of not seasonally adjusted employed individuals has decreased by 17,033 to 2,006,019 in August 2023. This is the fourth highest number of not seasonally adjusted employed individuals for the month of August in series history. Compared to August 2022, the number of not seasonally adjusted employed individuals decreased by 43

Louisiana’s not seasonally adjusted total nonfarm employment for August 2023 is 1,955,400, an increase of 8,500 jobs from the revised July 2023 estimate of 1,946,900 jobs. Compared to August 2022, not seasonally adjusted nonfarm employment increased by 34,100 jobs. This shows over-the-month employment gains in 11 of the last 14 months and 29 consecutive months with an over-the-year gain. 

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