For the third month in a row, Louisiana has set a record for the lowest unemployment rate in state history.
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Data released by the federal Bureau of Labor Statistics shows that Louisiana’s August 2022 seasonally adjusted unemployment rate is 3.5 percent. This is a record low for the rate and is the third consecutive month that Louisiana has set a new unemployment rate record.
Louisiana’s seasonally adjusted unemployment rate declined 0.2 percentage points from July 2022 and showed a 1.7 percentage point decline from August 2021. The seasonally adjusted unemployment rate has declined over the year for 18 consecutive months and has not seen an over-the-month increase since April 2020.
The state set a record for the lowest number of unemployed in the series' history. The August 2022 number of seasonally adjusted unemployed is estimated at 73,909, a decline of 2,967 individuals from the prior record set in July of 76,876. Compared to August 2021, the number of seasonally adjusted unemployed individuals decreased by 32,804.
To help ensure the state’s workforce is ready for careers of the future LWC launched “Tech Ready Louisiana,†a program that will bring free online learning to thousands of people across the state. LWC is partnering with Coursera to offer Louisianians access to thousands of courses to help them develop new skills and increase their career readiness.
Since July 2022, the number of seasonally adjusted employed individuals has decreased by 5,449 from 2,027,639 to 2,022,190 in August 2022. Despite the loss, this month's figure is the 10th highest in the series' history. Compared to August 2021, the number of seasonally adjusted employed individuals increased by 68,481.
The labor force participation rate, which measures people ages 16 to 64 working or looking for work, was 58.7 percent, a decrease of 0.2 percentage points from July. However, the August 2022 rate gained 0.9 percentage points from August 2021.
The state’s seasonally adjusted total nonfarm employment for August 2022 is 1,931,000 jobs, an increase of 7,100 jobs from the revised July 2022 estimate of 1,923,900 jobs. Compared to August 2021, seasonally adjusted total nonfarm employment increased by 45,900 jobs.
The series is at its highest employment level since March 2020 and has seen 17 consecutive months with an over-the-year gain. The series has also added jobs in 10 of the last 11 months over the month.
Louisiana’s seasonally adjusted private sector employment for August 2022 is 1,619,700 jobs, an increase of 4,300 jobs from the July 2022 revised estimate of 1,615,400 jobs. Compared to August 2021, seasonally adjusted private sector employment increased by 49,800 jobs.
The series has added jobs over the month for 11 consecutive months and jobs over the year for 17 consecutive months.
Louisiana’s not seasonally adjusted unemployment rate for August 2022 is 3.8 percent. This is the lowest not seasonally adjusted unemployment rate for August in the series.
The rate shows a decrease of 0.8 percentage points from the revised July 2022 not seasonally adjusted unemployment rate of 4.6 percent. The rate shows a decrease of 1.8 percentage points from the August 2021 rate of 5.6 percent.
Since July 2022, the number of not seasonally adjusted employed individuals decreased by 19,562 from 2,021,028 to 2,001,466 in August 2022. Compared to August 2021, the number of not seasonally adjusted employed individuals increased by 47,707.
Since July 2022, the number of not seasonally adjusted unemployed individuals has decreased by 17,699 from 96,454 to 78,755 in August 2022. When compared to August 2021, the number of not seasonally adjusted unemployed individuals decreased by 36,309.
Louisiana’s not seasonally adjusted total nonfarm employment for August 2022 is 1,921,400, an increase of 9,000 jobs from the July 2022 revised estimate of 1,912,400. Compared to August 2021, not seasonally adjusted nonfarm employment increased by 44,700 jobs. The August 2022 employment figure shows 17 consecutive over-the-year gains.
Louisiana’s not seasonally adjusted total private employment for August 2022 is 1,618,100, an increase of 2,300 jobs from the July 2022 revised estimate of 1,615,800. Compared to August 2021, not seasonally adjusted private sector employment increased by 47,600 jobs. The August 2022 employment figure shows 17 consecutive over-the-year gains. ■