Saturday, July 13, 2024

Louisiana Unemployment Rate Decreases in May

by BIZ Magazine

BATON ROUGE, LA – Louisiana’s unemployment rate for May 2024 decreased to 4.1 percent, down from April’s revised rate of 4.3 percent, according to data released by the federal Bureau of Labor Statistics. This marks the fourth-lowest unemployment rate for May in the state’s history. However, it is an increase from the May 2023 rate of 3.4 percent.

The number of seasonally adjusted employed individuals in May 2024 was 1,990,612, reflecting a decrease of 1,040 from the revised April 2024 figure. Compared to May 2023, the number of employed individuals dropped by 15,138. The number of seasonally adjusted unemployed individuals in May 2024 was 86,120, a decrease of 3,308 from April 2024, but an increase of 16,523 compared to May 2023.

“This month’s unemployment rate is the fourth-lowest rate in series history for May,” said Louisiana Workforce Commission Secretary Susana Schowen. “We are committed to working with our stakeholders to help our employers find candidates and to provide our residents with the necessary resources to get good jobs.”

Employment Trends

The state’s seasonally adjusted total nonfarm employment for May 2024 was 1,961,200 jobs, a decrease of 3,400 jobs from April 2024. However, this figure represents an increase of 5,900 jobs compared to May 2023, marking 38 consecutive months of over-the-year gains in nonfarm employment.

Seasonally adjusted private sector employment in Louisiana for May 2024 stood at 1,641,100 jobs, a decrease of 4,000 jobs from April 2024. Nonetheless, there was an increase of 2,300 jobs compared to May 2023, indicating 37 of the last 38 months have seen over-the-year employment gains.

Industry Highlights

Several major industries saw significant changes in seasonally adjusted jobs over the past month:

  • Financial Activities gained 1,400 jobs.
  • Professional and Business Services gained 600 jobs.
  • Government gained 600 jobs.

Over the past year, notable gains in seasonally adjusted jobs included:

  • Construction added 6,500 jobs.
  • Government added 3,600 jobs.
  • Professional and Business Services added 1,600 jobs.

Metropolitan Statistical Area (MSA) Performance

Among Louisiana’s MSAs in May 2024, the seasonally adjusted data shows mixed results:

  • Alexandria added 300 jobs from April 2024 and 600 jobs from May 2023.
  • Baton Rouge added 200 jobs from April 2024 and 6,800 jobs from May 2023.
  • Houma added 200 jobs from April 2024 and 900 jobs from May 2023.
  • Lake Charles lost 100 jobs from April 2024 but gained 1,700 jobs from May 2023.
  • New Orleans added 100 jobs from April 2024 but lost 1,700 jobs from May 2023.
  • Shreveport lost 300 jobs from April 2024 and 1,900 jobs from May 2023.

Not Seasonally Adjusted Data

Louisiana’s not seasonally adjusted total nonfarm employment for May 2024 was 1,966,700, a decrease of 3,600 jobs from April 2024. Compared to May 2023, this figure reflects an increase of 4,300 jobs. The not seasonally adjusted unemployment rate for May 2024 was 3.6 percent, up from 3.4 percent in April 2024 but unchanged from May 2023.

The Louisiana Workforce Commission (LWC) continues to monitor and support workforce growth, administering programs designed to enhance employment opportunities for Louisiana residents. The agency provides valuable resources for both employers and employees to foster a thriving labor market.

For more detailed employment data and additional resources, please visit the Louisiana Workforce Commission’s website at laworks.net.

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