In a positive sign for Louisiana’s economy, the latest data released by the Federal Bureau of Labor Statistics reveals that the state’s seasonally adjusted employment numbers have reached a record high for the third consecutive month. According to this article from The Daily Advertiser, these statistics provide valuable insights into the fluctuations of the labor market and help us understand the underlying trends that shape employment and unemployment figures.

The concept of seasonal adjustment is crucial to comprehend the true dynamics of employment. Seasonal adjustmentinvolves removing the predictable influences of seasonal patterns, such as weather changes, harvests, major holidays, and school schedules, to provide a clearer understanding of how employment and unemployment change on a month-to-month basis. By reducing the impact of these fluctuations, analysts can identify the actual trends and patterns in the labor market.

For the month of May 2023, Louisiana’s seasonally-adjusted employment reached a new high of 2,039,425 individuals, representing a gain of 2,510 individuals from the revised April estimate. Simultaneously, the number of seasonally-adjusted unemployed individuals stood at 76,667, marking the second-lowest figure for May in the history of the series.

Among the major industries that experienced significant gains in seasonally-adjusted jobs over the month were Private Education and Health Services, which added 1,800 jobs from April 2023, and the Construction sector, which gained 1,700 jobs during the same period. Additionally, the Trade, Transportation, and Utilities sector, the Financial Activities sector, and the Professional and Business Services sector each added 500 jobs compared to April 2023.

When considering the year-over-year growth in seasonally-adjusted employment, Private Education and Health Services emerged as the top gainer with 17,100 jobs added from May 2022. The Construction sector followed closely with an increase of 7,700 jobs, while the Leisure and Hospitality industry experienced growth of 6,900 jobs over the same period.

Analyzing the Metropolitan Statistical Areas (MSAs) within Louisiana, it was found that several regions exhibited notable changes in seasonally-adjusted employment.

• Baton Rouge demonstrated significant progress by adding 3,400 jobs from April 2023 and achieving a remarkable increase of 18,700 jobs from May 2022.
• Although Hammond experienced a minor decline of 100 jobs from April 2023, it managed to gain 1,100 jobs from May 2022.
• Houma also faced a slight decrease of 100 jobs from April 2023 but made up for it by gaining 500 jobs from May 2022.
• New Orleans registered an addition of 1,100 jobs from April 2023 and a remarkable growth of 15,600 jobs from May 2022. Shreveport added 300 jobs from April 2023 and gained 3,000 jobs from May 2022.

These positive employment trends align with the Louisiana workforce employment forecast, which predicts a 3.5% increase in job growth, adding 3,597 jobs by 2023. Moreover, the seasonally-adjusted unemployment rate for May 2023 stands at 3.6%, tying it for the second-lowest rate in the history of the series.

When examining Louisiana’s seasonally-adjusted total nonfarm employment, which encompasses all workers except those in farming, private households, proprietors, non-profit employees, and active military, the data for May 2023 indicates a total of 1,962,900 jobs—an increase of 4,600 jobs from April 2023. Furthermore, Louisiana’s seasonally-adjusted private sector employment for May 2023 reached 1,645,800 jobs, reflecting an increase of 4,400 jobs compared to the revised April 2023 estimate of 1,641,400 jobs. This growth is particularly impressive when compared to May 2022, as the series has added jobs consecutively for 26 months.

To gain a more comprehensive understanding of the state’s employment situation, it is important to analyze Metropolitan Statistical Area and parish unemployment rates. These rates will be released on June 23, providing additional insights into specific regions and their respective employment conditions. In summary, Louisiana’s seasonally-adjusted employment data for May 2023 showcases a record high, reflecting positive trends and growth across various sectors and regions. These statistics demonstrate the resilience and strength of the state’s economy, providing opportunities for job seekers and boosting the overall well-being of Louisiana residents.

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