Louisiana’s unemployment charge falls to 4.3% amid job development and labor drive issues

Louisiana’s unemployment charge continues to development downward in line with new information from the Louisiana Workforce Fee (LWC), although the state nonetheless lags behind its pre-COVID-19 job numbers.

Louisiana’s unemployment charge fell to 4.3% in October, the latest info out there, exhibiting a big enchancment from the identical interval final yr when the unemployment charge was 7.5%.

“The speed additionally exhibits a lower of 0.6 share factors from the September 2021 revised charge of 4.9 %,” the company stated.

The figures mirror a nationwide development the place the U.S. unemployment charge for the month of October dropped to 4.6%. However Stephen Waguespack, president and CEO of the Louisiana Affiliation of Enterprise and Business, is cautioning towards an excessive amount of optimism.

“Whereas this report is sweet information, we additionally know there’s nonetheless laborious work to do to get again to pre-pandemic employment ranges,” Waguespack stated in an electronic mail assertion relating to the Louisiana jobs report and the U.S. financial system.

“There are over 10 million jobs out there within the U.S. right now, however employers in all industries are scrambling to rent and retain staff whereas managing different pressures, starting from provide chain challenges to inflation being at a 31-year excessive. It is crucial that leaders in any respect ranges take market-driven actions to get folks again to work and rebuild the American financial system,” he stated.

The Louisiana Affiliation of Enterprise and Business represents greater than 2,000 companies within the state and serves because the Louisiana chapter of the U.S. Chamber of Commerce and Nationwide Affiliation of Producers.

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Based on LWC, an estimated 1,868,100 staff had been employed in October, whereas the U.S. Bureau of Labor Statistics reported almost 2 million staff in Louisiana in March 2020, or simply earlier than COVID-19 lockdowns led to mass job losses and enterprise closures.

Louisiana’s October 2021 job development elevated in all 9 of the state’s main metropolitan areas, LWC stated, with every exhibiting declining unemployment for the seventh consecutive month in comparison with the identical months in 2020.

Alexandria, Baton Rouge and Hammond confirmed the steepest declines, the report confirmed. New Orleans’s 5.1% unemployment charge was increased than the general state charge, although it was almost half of town’s 9.1% unemployment charge in October 2020.

The leisure and hospitality business confirmed probably the most features since LWC’s earlier jobs report in September 2021, with greater than 13,000 new jobs. The development business gained 9,800 new jobs from September to October, and the skilled and enterprise providers business grew by 8,800 jobs throughout the interval, the report stated.

Jobless claims within the state have additionally declined, as LWC’s most up-to-date unemployment advantages information present 1,628 new claims for the week ending Nov. 20. For the week ending Jan. 2, 2021, almost 22,500 new unemployment claims had been filed.

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