Four Months in a Row: Louisiana Hits Another Record Low Unemployment Rate at 3.4 percent

Data released on October 21 by the federal Bureau of Labor Statistics shows that Louisiana’s September
2022 seasonally adjusted unemployment rate is 3.4 percent. This is the lowest rate in the state’s history and the fourth consecutive month with a new record.

Louisiana’s seasonally adjusted unemployment rate declined 0.1 percentage points from August 2022 and showed a 1.4 percentage point decline from September 2021. The seasonally adjusted unemployment rate has declined over the year for 19 consecutive months and has not seen an over-the-month increase since April 2020.

Additionally, the state again set a record for the lowest number of unemployed in the series’ history. The September 2022 number of seasonally adjusted unemployed is estimated at 70,304, a decline of 3,591 individuals from the prior record set in August of 73,895. Compared to September 2021, the number of seasonally adjusted unemployed individuals decreased by 29,193.

“Having a seasonally adjusted unemployment rate of 3.4 percent, the lowest rate in the state’s history, and having set a new record for the fourth consecutive month serves as a reminder of Louisiana’s dedication to putting individuals back to work and moving Louisiana forward simultaneously,” said Louisiana Workforce Commission Secretary Ava Cates.

“LWC continues to promote hiring fairs throughout Louisiana and practical tools for success to help one succeed. For instance, Tech Ready Louisiana is a program offered by LWC to ensure Louisiana residents are assisted in developing new skills and increasing their career readiness,” said Secretary Cates. “Tech Ready LA also exists to help those who have already started their careers. The program allows workers to advance further in their careers by assisting them in meeting the qualifications for higher-paid positions. I look forward to seeing more record-breaking data.”

Since August 2022, the number of seasonally adjusted employed individuals decreased by 2,632 from 2,022,210 to 2,019,578 in September 2022. Compared to September 2021, the number of seasonally adjusted employed individuals increased by 62,113.

The state’s seasonally adjusted total nonfarm employment for September 2022 is 1,936,400 jobs, an increase of 5,000 jobs from the August 2022 estimate of 1,931,400 jobs. Compared to September 2021, seasonally adjusted total nonfarm employment increased by 95,600 jobs. The series is at its highest employment level since March 2020 and has seen 18 consecutive months with an over-the-year gain. The series has also added jobs over the month in 11 of the last 12 months.

Louisiana’s seasonally adjusted private sector employment for September 2022 is 1,626,800 jobs, an increase of 6,400 from the August 2022 revised estimate of 1,620,400 jobs. Compared to September 2021, seasonally adjusted private sector employment increased by 98,100 jobs. The series has added jobs over the month for 12 consecutive months and added jobs over the year for 18 consecutive months.

Major industries that showed the largest gains for seasonally adjusted jobs over the month:

• Education and Health Services gained 1,700 jobs from August 2022.
• Construction gained 1,100 jobs from August 2022.
• Leisure and Hospitality gained 1,100 jobs from August 2022.

Major industries that showed the largest gains for seasonally adjusted jobs over the year:

• Leisure and Hospitality gained 30,900 jobs from September 2021.
• Education and Health Services gained 19,900 jobs from September 2021.
• Professional and Business Services gained 17,800 jobs from September 2021.

Among Louisiana’s MSAs in September 2022, seasonally adjusted data shows:

• Alexandria (62,800 jobs) lost 100 jobs from August 2022, but gained 2,000 jobs from September 2021.
• Baton Rouge (402,000 jobs) added 800 jobs from August 2022 and gained 11,300 jobs from September 2021.
• Hammond (46,700 jobs) lost 200 jobs from August 2022, but gained 2,100 jobs from September 2021.
• Houma (81,300 jobs) added 200 jobs from August 2022 and gained 6,100 jobs from September 2021.
• Lafayette (203,100 jobs) added 1,100 jobs from August 2022 and gained 8,600 jobs from September 2021.
• Lake Charles (101,500 jobs) lost 200 jobs from August 2022, but gained 3,800 jobs from September 2021.
• Monroe (76,100 jobs) added 200 jobs from August 2022 and gained 1,400 jobs from September 2021.
• New Orleans (561,000 jobs) added 2,200 jobs from August 2022 and gained 47,300 jobs from September 2021.
• Shreveport (176,500 jobs) added 400 jobs from August 2022 and gained 5,000 jobs from September 2021.

Louisiana Gov. John Edwards said recently made a statement, “For four straight months, Louisiana has set new records each month for the lowest unemployment rate in state history. Our state unemployment rate is now lower than the national rate, and we have added 226,000 jobs since the worst of the pandemic. I am inspired by the resolve of our people to come back so strong after suffering through the severe challenges of COVID-19 and two historically difficult hurricane seasons. We still have work to do, but I have never been more optimistic about the future of our state. We will continue our efforts to create good-paying jobs, diversify our economy, and put Louisiana at the forefront of the global energy transition. There is nothing we can’t achieve if we will simply put Louisiana first and work together.”

Not Seasonally Adjusted Data

Louisiana’s not seasonally adjusted unemployment rate for September 2022 is 3.5 percent. This is tied for the record’s lowest, not seasonally adjusted, unemployment rate.

The rate shows a decrease of 0.3 percentage points from August 2022, not seasonally adjusted unemployment rate of 3.8 percent. The rate shows a decrease of 1.6 percentage points from the September 2021 rate of 5.1 percent and 19 consecutive months with an over-the-year rate decline.

Since August 2022, the number of not seasonally adjusted employed individuals has increased by 17,251 from 2,001,575 to 2,018,826 in September 2022. Compared to September 2021, the number of not seasonally adjusted employed individuals increased by 58,720.

Since August 2022, the number of not seasonally adjusted unemployed individuals has decreased by 4,855 from 78,705 to 73,850 in September 2022. When compared to September 2021, the number of not seasonally adjusted unemployed individuals decreased by 30,565.

Louisiana’s not seasonally adjusted total nonfarm employment for September 2022 is 1,931,800, an increase of 10,200 jobs from the August 2022 revised estimate of 1,921,600. Compared to September 2021, not seasonally adjusted nonfarm employment increased by 99,000 jobs. The September 2022 employment figure shows 18 consecutive over-the- year gains.

Louisiana’s not seasonally adjusted total private employment for September 2022 is 1,620,900, an increase of 2,600 jobs from the August 2022 revised estimate of 1,618,300. Compared to September 2021, not seasonally adjusted private sector employment increased by 99,900 jobs. The September 2022 employment figure shows 18 consecutive over-the- year gains.

Metropolitan Statistical Area (MSA) and parish unemployment rates for September 2022 will be released on October 28, 2022.

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 trends. 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 http://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.