Louisiana’s labor market has improved markedly from this time last year and beyond.
Based off of February employment data released today by the Bureau of Labor and Statistics (BLS),
Louisiana’s labor market has improved markedly from this time last year and beyond. While the unemployment rate continued its downward trend, decreasing 0.1 percent to 4.5 percent from January 2018, the over-the-year decline in the unemployment rate of 1.2 percent is the second largest in the nation this month. The unemployment rate has not been this low since February 2008.
When looking at Louisiana’s labor force, seasonally adjusted unemployed individuals are also at historical lows. As reported, the number of unemployed in February was 95,099. The last time there were fewer seasonally adjusted unemployed individuals was in May 2008.
When looking at Louisiana’s employment, seasonally adjusted nonfarm employment has seen over-the month gains in three straight months and in four of the last five months. When breaking it down even further and looking at particular sectors, manufacturing specifically, has added jobs both over the month and over the year for three straight months.
“We are excited about the latest unemployment figures, and will continue to work with our industry partners to place Louisianans in family-sustaining careers,” said Louisiana Workforce Commission Executive Director Ava Dejoie.
Contributed by the La. Workforce Commission