Louisiana’s labor market has improved markedly from this time last year and beyond. This assessment is based on February employment data released by the Bureau of Labor and Statistics (BLS).
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.
About The Louisiana Workforce Commission
The Louisiana Workforce Commission is an agency of state government that administers programs designed to enhance workforce growth and provide family-sustaining jobs for Louisiana residents.
The commission monitors employment, administers unemployment compensation and tax funds, provides training resources for employers and employees and oversees worker compensation benefits. The agency also gathers and supplies information on the labor market and occupational sectors in Louisiana.