May shows 2nd lowest unemployment rate in history

NEWS RELEASE

May shows 2nd lowest unemployment rate in history

BATON ROUGE, La. – Data released today by the Louisiana Workforce Commission showed that Louisiana’s not seasonally adjusted unemployment rate for May 2022 is the 2nd lowest in series history.

Louisiana’s not seasonally adjusted unemployment rate for May 2022 is 3.6 percent, an increase of 0.1 percentage points from the revised April 2022 not seasonally adjusted unemployment rate of 3.5 percent. The rate shows a decrease of 2.5 percentage points from the May 2021 rate of 6.1 percent. The series all time low of 3.5 percent was most recently seen last month, April 2022. The not seasonally adjusted rate has declined over the year for 15 consecutive months.

Since April 2022, the number of not seasonally adjusted employed individuals decreased by 3,512 from 2,023,581 to 2,020,069 in May 2022. When compared to May 2021, the number of not seasonally adjusted employed individuals increased by 79,971.

Since April 2022, the number of not seasonally adjusted unemployed individuals increased by 2,071 from 73,892 to 75,963 in May 2022. When compared to May 2021, the number of not seasonally adjusted unemployed individuals decreased by 49,472.

Not seasonally adjusted May 2022 unemployment rates for Louisiana’s nine MSA’s are as follows:

• Alexandria: 2.7 percent, up from 2.5 percent in April, but down from 4.4 percent in May 2021.

• Baton Rouge: 3.2 percent, up from 3.1 percent in April, but down from 5.5 percent in May 2021.

• Hammond: 4.4 percent, up from 4.3 percent in April, but down from 6.9 percent in May 2021.

• Houma: 3.4 percent, up from 3.3 percent in April, but down from 5.3 percent in May 2021.

• Lafayette: 3.2 percent, up from 3.1 percent in April, but down from 5.6 percent in May 2021.

• Lake Charles: 3.4 percent, shows no change from April, but down from 6.2 percent in May 2021.

• Monroe: 3.4 percent, up from 3.3 percent in April, but down from 5.6 percent in May 2021.

• New Orleans: 4.1 percent, shows no change from April, but down from 7.0 percent in May 2021.

• Shreveport: 3.6 percent, up from 3.5 percent in April, but down from 6.0 percent in May 2021.

Louisiana’s not seasonally adjusted total nonfarm employment for May 2022 is 1,916,800, an increase of 5,300 jobs from the April 2022 revised estimate of 1,911,500. When compared to May 2021, not seasonally adjusted nonfarm employment increased by 40,500 jobs. The May 2022 employment figure shows 14 consecutive over-the-year gains.

Louisiana’s not seasonally adjusted total private employment for May 2022 is 1,605,900, an increase of 4,900 jobs from the April 2022 revised estimate of 1,601,000. When compared to May 2021, not seasonally adjusted private sector employment increased by 45,500 jobs. The May 2022 employment figure shows 14 consecutive over-the-year gains.

Industries that showed the largest gains for not seasonally adjusted jobs from April 2022:

Leisure and Hospitality gained 6,200 jobs from April 2022.

Manufacturing gained 1,400 jobs from April 2022.

Financial Activities gained 700 jobs from April 2022.

Industries that showed the largest gains for not seasonally adjusted jobs from May 2021:

Leisure and Hospitality gained 17,100 jobs from May 2021.

Professional and Business Services gained 9,200 jobs from May 2021.

Construction gained 6,200 jobs from May 2021.

About the Louisiana Workforce Commission

The Louisiana Workforce Commission is an agency of state government that administers programs designed to enhance workforce growth and provide family-sustaining jobs for Louisiana residents. The commission monitors employment, administers unemployment compensation and tax funds, provides training resources for employers and employees and oversees worker compensation benefits. The agency also gathers and supplies information on the labor market and occupational sectors in Louisiana.

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