Jobless rate sees steepest over-the-month drop since February 2006

Image
Body

The state’s not seasonally adjusted unemployment rate dropped to 4.3% in February compared to 5.7% in January, according to statistics released Friday by the Bureau of Labor & Statistics.
This is the largest over-the-month drop in the not seasonally adjusted unemployment rate since February 2006. Over that same time period, the number of not seasonally adjusted unemployed individuals decreased by 29,836 from 119,633 in January 2020 to 89,797 for February 2020.
The number of not seasonally adjusted employed individuals increased by 28,650 from 1,977,412 in January 2020 to 2,006,062 in February 2020. This is the second highest not seasonally adjusted number of employed for the month of February in the series. Since February 2019, the number of not seasonally adjusted employed individuals increased by 14,178.
Louisiana Workforce Commission Secretary Ava Dejoie said, “This data covers employment data for February 2020, and does not reflect any COVID-19 impacts. Please visit laworks.net to learn how the LWC is helping Louisiana employees, and employers, affected by COVID-19.”
Industries that showed the largest gains for seasonally adjusted jobs for February 2020:
— Leisure and Hospitality gained 5,300 jobs from February 2019 and 600 jobs from January 2020. The Leisure and Hospitality sector is at a series high at 243,100 jobs.
— Education and Health Services gained 3,800 jobs from February 2019 and 800 jobs from January 2020. The Education and Health Services sector is at a series high at 322,900.
— Professional and Business Services gained 1,200 jobs from February 2019 and 1,700 jobs from January 2020.
— Financial Activities gained 300 jobs from February 2019 and 200 jobs from January 2020.
— Mining and Logging, gained 100 jobs from February 2019 and 200 jobs from January 2020.
Among Louisiana’s MSAs in February 2020, seasonally adjusted data shows:
— Alexandria lost 400 jobs from February 2019, but remained unchanged from January 2020.
— Baton Rouge lost 1,100 jobs from February 2019, but gained 1,200 jobs from January 2020.
— Hammond gained 400 jobs from February 2019, but remained unchanged from January 2020.
— Houma gained 600 jobs from February 2019 and 200 jobs from January 2020.
— Lafayette lost 1,600 jobs from February 2019 and 1,100 jobs from January 2020.
— Lake Charles lost 5,400 jobs from February 2019 and 400 jobs from January 2020.
— Monroe lost 700 jobs February 2019, but remained unchanged from January 2020.
— New Orleans gained 4,800 jobs from February 2019 and 1,000 jobs from January 2020.
— Shreveport lost 1,300 jobs from February 2019 and 200 jobs from January 2020.
Seasonally adjusted nonfarm employment increased by 5,800 jobs from 1,988,800 in January 2020 to 1,994,600 in February 2020. Over that same time period, seasonally adjusted private sector employment increased by 5,700 jobs from 1,656,800 to 1,662,500.
Louisiana’s seasonally adjusted civilian labor force, or the number of people who are employed in addition to those looking for work, increased by 15,642 from 2,094,204 in February 2019 to 2,109,846 in February 2020. From January 2020, the seasonally adjusted civilian labor force increased by 2,639.
The number of seasonally adjusted employed individuals increased by 1,906 from 1,998,071 in February 2019 to 1,999,977 in February 2020. From January 2020, the number of seasonally adjusted employed individuals increased by 4,085.
The number of seasonally adjusted unemployed individuals decreased by 1,446 from 111,315 in January 2020 to 109,869 in February 2020.
Louisiana’s seasonally adjusted unemployment rate decreased from 5.3 percent in January 2020 to 5.2 percent in February 2020.