Saturday, April 20, 2024

Louisiana’s unemployment rate lowest for the month of November, Shreveport gains jobs over year

by BIZ Magazine

BATON ROUGE – Data released by the federal Bureau of Labor Statistics shows Louisiana’s seasonally adjusted unemployment rate is the lowest in the series for the month of November, while Shreveport still saw a gain over 2022.

The seasonally adjusted unemployment rate for November 2023 is 3.5 percent, tied for the third lowest rate in series history. This rate increased by 0.2 percentage points from October 2023 but shows a decrease of 0.1 percentage points from the November 2022 figure of 3.6 percent. 

The number of seasonally adjusted unemployed individuals for November 2023 is estimated to be 72,978, the lowest figure in the series for November. While the series shows 3,129 more unemployed individuals than in October 2023, when compared to November 2022, the number of seasonally adjusted unemployed individuals decreased by 1,482. 

The Shreveport Metropolitan Statistical Area (MSA) lost 800 jobs from October 2023, but gained 2,300 jobs from November 2022. It has a total of 178,100 jobs.

The number of seasonally adjusted employed individuals for November 2023 is 2,014,025. This is the second highest number of employed for the month of November in the series. The number of employed lost 3,384 individuals from the October 2023 revised estimate of 2,017,409. Compared to November 2022, the number of seasonally adjusted employed individuals increased by 5,693. This is the 32nd consecutive month with an over-the-year gain in the number of employed. 

“Louisiana continues its historic run with the lowest unemployment rate in November’s history,” said the Louisiana Workforce Commission Secretary, Robert Wooley. “We offer a multitude of resources and tools to Louisiana citizens, such as HiRE, and we encourage residents to apply to the available jobs on the website. The LWC is also committed to partnering with our stakeholders to host job fairs and community events at no charge. To stay current and for more information, visit our website.” 

The state’s seasonally adjusted total nonfarm employment for November 2023 is 1,968,400 jobs, a decrease of 5,600 jobs from the October 2023 revised estimate of 1,974,000 jobs. Compared to November 2022, seasonally adjusted total nonfarm employment increased by 34,000 jobs. The series has seen 32 consecutive months with an over-the-year gain in nonfarm employment. 

Louisiana’s seasonally adjusted private sector employment for November 2023 is 1,648,600 jobs, a decrease of 5,500 jobs from the October 2023 revised estimate of 1,654,100 jobs. Compared to November 2022, seasonally adjusted private sector employment increased by 27,000 jobs. The series has added jobs over the year for 32 consecutive months. 

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

  • Private Education and Health Services gained 400 jobs from October 2023. 
  • Mining and Logging gained 100 jobs from October 2023. 

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

  • Private Education and Health Services gained 9,800 jobs from November 2022. 
  • Construction gained 9,000 jobs from November 2022. 
  • Government gained 7,000 jobs from November 2022. 

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

  • Alexandria (63,600 jobs) lost 200 jobs from October 2023, but gained 600 jobs from November 2022. 
  • Baton Rouge (427,000 jobs) added 500 jobs from October 2023 and gained 11,700 jobs from November 2022. 
  • Hammond (48,700 jobs) lost 100 jobs from October 2023, but gained 1,000 jobs from November 2022. 
  • Houma (81,700 jobs) lost 600 jobs from October 2023 and lost 500 jobs from November 2022. 
  • Lafayette (204,600 jobs) lost 700 jobs from October 2023, but gained 3,000 jobs from November 2022. 
  • Lake Charles (97,600 jobs) lost 400 jobs from October 2023, but gained 1,900 jobs from November 2022. 
  • Monroe (78,200 jobs) lost 400 jobs from October 2023, but gained 300 jobs from November 2022. 
  • New Orleans (573,000 jobs) lost 3,100 jobs from October 2023, but gained 13,000 jobs from November 2022. 

MSA and parish unemployment rates for November 2023 will be released on January 4, 2024. 

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