Legislative committees continue to discuss taxes and state spending
April 25, 2023
Bruce James Arcement
April 25, 2023
Data released today by the federal Bureau of Labor Statistics shows that Louisiana’s seasonally adjusted labor force data has again set several new records.
The number of employed for March 2023 is 2,030,553, a record high for the series. The number of employed saw a gain of 8,791 individuals from the February revised estimate of 2,021,762. Compared to March 2022, the number of seasonally adjusted employed individuals increased by 12,208.
The seasonally adjusted unemployment rate for March 2023 is 3.6 percent. The rate is the lowest rate for March and is tied for the second-lowest rate in series history. This shows no change from the February 2023 rate but declined by 0.1 percentage points from the March 2022 rate of 3.7 percent. The rate has declined over the year for 25 consecutive months.
The number of unemployed individuals was estimated to be 75,972, the lowest figure for March in series history. Since February 2023, the number of seasonally adjusted unemployed individuals increased by 101 from 75,871. Compared to March 2022, the number of seasonally adjusted unemployed individuals decreased by 2,093.
“Louisiana’s number of employed continues to increase and produce record-breaking results,” said Louisiana Workforce Commission Secretary Ava Cates. “LWC’s partnerships with employers have enabled us to host job fairs almost daily across the month, helping Louisianans reach employment and keeping those numbers on the rise.”
Gov. John Bel Edwards said: “There are now more Louisianans working than ever before in our history. These job numbers are validation of our bipartisan work to grow and diversify our economy. Every day I am inspired by the talent and skill of our people, who have come back so strong from the COVID pandemic and two devastating hurricane seasons in 2020 and 2021.”
The state’s seasonally adjusted total nonfarm employment for March 2023 is 1,949,900 jobs, an increase of 4,400 jobs from the February 2023 revised estimate of 1,945,500 jobs. Compared to March 2022, seasonally adjusted total nonfarm employment increased by 40,200 jobs. The series has seen 24 consecutive months with an over-the-year gain. This is the highest employment level for the state since March 2020.
Louisiana’s seasonally adjusted private sector employment for March 2023 is 1,635,900 jobs, an increase of 4,800 jobs from the February 2023 revised estimate of 1,631,100 jobs. Compared to March 2022, seasonally adjusted private sector employment increased by 36,100 jobs. The series has added jobs over the year for 24 consecutive months.
Major industries that showed the largest gains for seasonally adjusted jobs over the month:
- Construction gained 1,100 jobs from February 2023.
- Mining and Logging gained 800 jobs from February 2023.
- Private Education and Health Services gained 800 jobs from February 2023.
Major industries that showed the largest gains for seasonally adjusted jobs over the year:
- Private Education and Health Services gained 14,500 jobs from March 2022.
- Leisure and Hospitality gained 9,900 jobs from March 2022.
- Construction and Financial Activities each gained 4,600 jobs from March 2022.
Among Louisiana’s MSAs in March 2023, seasonally adjusted data shows:
• Alexandria (63,000 jobs) added 100 jobs from February 2023 and gained 1,300 jobs from March 2022.
• Baton Rouge (420,500 jobs) added 2,700 jobs from February 2023 and gained 12,900 jobs from March 2022.
• Hammond (48,300 jobs) added 400 jobs from February 2023 and gained 1,000 jobs from March 2022.
• Houma (81,300 jobs) added 100 jobs from February 2023 and gained 600 jobs from March 2022.
• Lafayette (201,700 jobs) lost 200 jobs from February 2023, but gained 1,200 jobs from March 2022.
• Lake Charles (96,000 jobs) showed no change from February 2023, but lost 400 jobs from March 2022.
• Monroe (77,900 jobs) lost 100 jobs from February 2023, but gained 700 jobs from March 2022.
• New Orleans (564,700 jobs) added 1,000 jobs from February 2023 and gained 12,100 jobs from March 2022.
• Shreveport (176,900 jobs) showed no change from February 2023, but gained 2,100 jobs from March 2022.
Metropolitan Statistical Area (MSA) and parish unemployment rates for March 2023 will be released on April 28, 2023.
Not Seasonally Adjusted Data
Since February 2023, the number of not seasonally adjusted employed individuals has increased by 19,680 to 2,046,139 in March 2023. This is the highest number of not seasonally adjusted individuals in series history. Compared to March 2022, the number of not seasonally adjusted employed individuals increased by 26,459.
Louisiana’s not seasonally adjusted unemployment rate for March 2023 is 3.3 percent. This is the lowest rate for March in the series and is tied for the second-lowest rate in series history. The rate shows a drop of 0.2 percentage points from February 2023, and a decrease of 0.2 percentage points from the March 2022 rate of 3.5 percent. This shows 25 consecutive months with an over-the-year rate decline.
Since February 2023, the number of not seasonally adjusted unemployed individuals has decreased by 4,434 to 69,528 in March 2023. This is the fewest number of not seasonally adjusted unemployed individuals for March and the sixth lowest number in series history. Compared to March 2022, the number of not seasonally adjusted unemployed individuals decreased by 3,309.
Louisiana’s not seasonally adjusted total nonfarm employment for March 2023 is 1,949,000, an increase of 9,500 jobs from the revised February 2023 estimate of 1,939,500 jobs. Compared to March 2022, not seasonally adjusted nonfarm employment increased by 43,600 jobs. This shows over-the-month employment gains in 11 of the last 15 months and 24 consecutive months with an over-the-year gain.
Louisiana’s not seasonally adjusted total private employment for March 2023 is 1,632,400, an increase of 10,800 jobs from the February 2023 revised estimate of 1,621,600. Compared to March 2022, not seasonally adjusted private sector employment increased by 38,400 jobs. This shows over-the-month employment gains in 11 of the last 15 months, and 24 consecutive months with an over-the-year gain.
Seasonally Adjusted vs. Not Seasonally Adjusted Data
Jobs and employment trends data are often difficult to understand because there are two different ways to look at the data, seasonally or non-seasonally adjusted data.
Seasonal adjustment measures and removes the influences of predictable seasonal patterns to reveal how employment and unemployment figures change from month to month. Not seasonally adjusted data retains seasonal employment
Over a year, the labor force size, available jobs, and employment rates undergo predictable fluctuations due to seasonal changes in weather, harvests, major holidays, and school schedules. Seasonal adjustment reduces the impact of these changes, making it easier to understand trends. Seasonally adjusted data is best utilized when comparing several months of employment and job data, while not seasonally adjusted data is best used to compare over-the-year trends. Seasonally adjusted data is helpful for comparisons among states and the nation.
The Louisiana Workforce Commission primarily uses seasonally adjusted data to provide a more valuable and telling picture of Louisiana’s jobs and employment situation.
To view all available employment data, visit Louisiana’s employment homepage at https://www.laworks.net and select Labor Market Information from the top-right menu. Then, select LOIS (Louisiana Occupational Information System) and select Employment and Wage Data listed under Data Trends. To view the state’s BLS Local Area Unemployment Statistics, visit https://data.bls.gov/pdq/querytool.jsp?survey=la. For BLS nonfarm employment data, click here: https://data.bls.gov/pdq/querytool.jsp?survey=sm.
