Wednesday, June 19, 2024

Louisiana not seasonal unemployment rate lowest ever for month of August 

by BIZ Magazine
Woman Getting a Job Interview

BATON ROUGE – Data released today by the Louisiana Workforce Commission shows that 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 of 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. 

Not seasonally adjusted August 2023 unemployment rates for Louisiana and its nine MSAs are as follows: 

 State and MSA Not Seasonally Adjusted Unemployment Rate 
Area August July August Over-the-Month Over-the-Year 
2023 2023 2022 Change Change 
Louisiana 3.4 3.3 3.9 0.1 -0.5 
Alexandria MSA 3.1 3.0 3.6 0.1 -0.5 
Baton Rouge MSA 3.1 3.0 3.6 0.1 -0.5 
Hammond MSA 4.1 4.1 4.7 0.0 -0.6 
Houma MSA 3.0 2.9 3.8 0.1 -0.8 
Lafayette MSA 3.2 3.0 3.7 0.2 -0.5 
Lake Charles MSA 3.0 2.9 3.7 0.1 -0.7 
Monroe MSA 3.5 3.4 4.0 0.1 -0.5 
New Orleans MSA 3.6 3.4 4.0 0.2 -0.4 
Shreveport MSA 3.5 3.4 4.1 0.1 -0.6 

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. 

Louisiana’s not seasonally adjusted total private employment for August 2023 is 1,645,500, an increase of 2,100 jobs from the July 2023 revised estimate of 1,643,400. Compared to August 2022, not seasonally adjusted private sector employment increased by 29,000 jobs. This shows over-the-month employment gains in 15 of the last 20 months and 29 consecutive months with an over-the-year gain. 

State and MSA Not Seasonally Adjusted Total Nonfarm Employment 
Area August July August Over-the-Month Over-the-Year 
2023 2023 2022 Change Change 
Louisiana 1,955,400 1,946,900 1,921,300 8,500 34,100 
Alexandria MSA 63,100 63,700 62,300 -600 800 
Baton Rouge MSA 422,100 417,800 411,100 4,300 11,000 
Hammond MSA 48,600 48,400 47,300 200 1,300 
Houma MSA 81,300 81,100 81,900 200 -600 
Lafayette MSA 203,800 204,200 201,500 -400 2,300 
Lake Charles MSA 96,900 96,800 94,600 100 2,300 
Monroe MSA 78,100 78,600 77,300 -500 800 
New Orleans MSA 565,200 563,500 555,600 1,700 9,600 
Shreveport MSA 177,600 178,200 174,900 -600 2,700 

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