Saturday, April 20, 2024

Louisiana’s Employment Continues Growth in December 2023

by BIZ Magazine

BATON ROUGE, LA – The latest data from the Louisiana Workforce Commission reveals positive trends in the state’s employment, indicating steady growth in nonfarm sectors. Louisiana’s not seasonally adjusted total nonfarm employment for December 2023 reached 1,989,400, marking an increase of 100 jobs from the revised November 2023 estimate of 1,989,300 jobs. Compared to December 2022, the nonfarm employment figure experienced a notable surge, rising by 36,900 jobs.

The state’s not seasonally adjusted total private employment also displayed encouraging numbers, totaling 1,665,100 jobs for December 2023. This marked an increase of 600 jobs from the revised estimate of 1,664,500 jobs in November 2023. Compared to December 2022, private sector employment showed substantial growth, with an increase of 29,800 jobs.

The over-the-month and over-the-year changes in employment were not uniform across all Metropolitan Statistical Areas (MSAs) in Louisiana. Baton Rouge MSA experienced a decline of 2,300 jobs from November 2023, but an impressive over-the-year gain of 11,700 jobs. Similarly, Shreveport MSA saw an increase of 800 jobs over the month and 2,100 jobs over the year.

Louisiana’s not seasonally adjusted unemployment rate for December 2023 settled at 3.8 percent, representing the 5th lowest rate for the month of December in series history. While this rate reflects a modest increase of 0.3 percentage points from the November 2023 rate of 3.5 percent, it is also a 0.6 percentage point increase from December 2022.

The Louisiana Workforce Commission provided insights into the employment landscape, indicating a decrease in the number of not seasonally adjusted employed individuals from November 2023 to December 2023. However, over the year, there was a decrease of 24,640 employed individuals. The number of not seasonally adjusted unemployed individuals increased by 5,250 from November 2023 to December 2023, with a notable increase of 11,887 compared to December 2022.

Notably, the unemployment rates across Louisiana’s nine MSAs varied, with Alexandria MSA recording a 0.3 percentage point increase over the month and a 0.7 percentage point increase over the year. Baton Rouge MSA saw a 0.2 percentage point increase over the month and a 0.5 percentage point increase over the year.

The Louisiana Workforce Commission continues to monitor and assess employment trends, providing valuable insights into the state’s economic landscape.

About the Louisiana Workforce Commission: The Louisiana Workforce Commission is a state government agency responsible for administering programs aimed at enhancing workforce growth and providing family-sustaining jobs for Louisiana residents. Its diverse responsibilities include monitoring employment, administering unemployment compensation and tax funds, offering training resources for employers and employees, overseeing worker compensation benefits, and supplying information on Louisiana’s labor market and occupational sectors.

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