Thursday, May 30, 2024

Louisiana Sees Continued Growth in Nonfarm Employment

by BIZ Magazine

The latest data released by the Louisiana Workforce Commission indicates a positive trend in the state’s nonfarm employment figures for March 2024. Louisiana’s not seasonally adjusted total nonfarm employment reached 1,956,900, marking an increase of 6,500 jobs from the revised February 2024 estimate of 1,950,400 jobs. Compared to March 2023, nonfarm employment saw an increase of 2,400 jobs, demonstrating over-the-year employment gains for 36 consecutive months.

The state’s not seasonally adjusted total private employment also experienced growth, with March 2024 figures reaching 1,636,900 jobs, reflecting an increase of 6,300 jobs from the revised February 2024 estimate of 1,630,600 jobs. However, compared to March 2023, private sector employment decreased by 200 jobs.

Examining the nonfarm employment data across Louisiana’s Metropolitan Statistical Areas (MSAs), several regions reported notable changes. The Baton Rouge MSA led the way with an increase of 3,700 jobs over the month and 5,000 jobs over the year. Conversely, the New Orleans MSA saw a slight decline of 6,500 jobs over the year.

Louisiana’s not seasonally adjusted unemployment rate for March 2024 stands at 4.5 percent, showing a marginal increase of 0.1 percentage points from the revised February 2024 rate of 4.4 percent. Compared to March 2023, the unemployment rate has increased by 1.2 percentage points.

Despite the increase in the unemployment rate, the number of employed individuals saw a rise since February 2024, reaching 1,992,789 in March 2024. However, compared to March 2023, there was a decrease in the number of employed individuals by 20,367.

The Louisiana Workforce Commission, responsible for administering programs aimed at enhancing workforce growth and providing family-sustaining jobs, continues to monitor employment trends, administer unemployment compensation, and oversee training resources for employers and employees.

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