Unemployment in the Baton Rouge area increased from 5.5% in February to 5.8% in March, according to preliminary Bureau of Labor statistics released by the Louisiana Workforce Commission today. However, the region's employment picture has improved since a 6.6% rate was posted in March of last year. "Louisiana employers continue to add jobs, which is why the unemployment rate in most of the state was better in March than a year ago," Workforce Commission Executive Director Curt Eysink says. The statewide unemployment rate is 6%, with the Monroe area the highest at 6.5% and Houma/Thibodaux the lowest at 4.1%. The national rate is 7.6%. In 2011, the BLS implemented a new method to estimate nonfarm employment that reduces state input. LWC cautions the new method can lead to greater variability in the estimates from month to month. Specifically, within the Baton Rouge metro area, unemployment rates in March by parish were: Ascension, 5.2%; East Baton Rouge, 5.2%; East Feliciana, 5.7%;...
The unemployment rate in the nine-parish Baton Rouge metro area fell to 5.5% from 7% in January, according to a new report from the Louisiana Workforce Commission released today. The local unemployment rate was at 6.8% in February 2012. The Louisiana unemployment rate was at 5.8% in February, down from 7.2% in January and 6.8% in February a year ago. Specifically in the Capital Region, the unemployment rate by parish was as follows in February: Ascension, 4.8%; East Baton Rouge, 5.5%; East Feliciana, 6.7%; Iberville, 7.7%; Livingston, 5.2%; Pointe Coupee, 6.4%; St. Helena, 9.5%; West Baton Rouge, 5.8%; and West Feliciana, 7.3%. The LWC reports the state's private sector added 29,900 jobs over the past year, through February, or a 1.9% increase in employment.
The unemployment rate in the Baton Rouge metro area fell from 7.6% at the end of 2012 to 7% at the close of January, according to a report released by the Louisiana Workforce Commission today. The state's unemployment rate fell to 5.9% to open the year, down from 7% in December 2012. The state's civilian labor force, meanwhile, grew in January to its largest level since 2005, according to the LWC figures, which the commission attributes to federal Bureau of Labor Statistics. The civilian labor force—or the number of people working plus those who are unemployed and looking for work—rose to approximately 2.1 million in January, the report says. That's an increase of about 12,350 people compared to the year previous, and the highest level since November 2005. "The growth of our labor force and the high number of people who are working are indicators our economy is continuing to grow," says LWC Executive Director Curt Eysink in a prepared statement. Inside the nine-parish...
U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7% from 7.9% in January. Stronger hiring suggests businesses are confident about the economy, despite higher taxes and government spending cuts. The government's February employment report released this morning is filled with mostly encouraging details. The unemployment rate is now at its lowest level in four years. Hiring has averaged more than 200,000 per month since November, wages have increased and the job gains were broad-based—led by the best construction hiring in six years. One negative detail: Employers added fewer jobs in January than first estimated. Job gains were lowered to 119,000 from an initially reported 157,000. Still, December hiring was a little better than first thought, with 219,000 jobs added instead of 196,000. The unemployment rate had been stuck at 7.8% or above since September. About half the decline in February occurred because more of the...
The Baton Rouge metro area's real gross domestic product—that is, the total value of all goods sold, factoring in inflation—dipped 0.1% to $37.6 billion in 2011, compared to 2010. That's according to a new report out today from the Commerce Department's Bureau of Economic Analysis, which ranks Baton Rouge No. 251 among the nation's 366 largest metro areas for real GDP growth in 2011. Real GDP increased in 242 of the metro areas included in the report in 2011—or about two-thirds of all U.S. cities—with a 1.6% average increase. While Baton Rouge's real GDP was relatively stagnant between 2010 and 2011, the report shows it has increased nearly 10% since 2008, when it was $34.3 billion. The state posted a better than 10% increase in real GDP growth between 2008 ($184 billion) and 2011 ($205.9 billion). LSU economist Jim Richardson says Louisiana weathered the national recession relatively well and did not see considerable declines in unemployment, housing and...
The Federal Reserve predicts the nation’s unemployment rate will stay elevated until late 2015 and says it will keep short-term interest rates low for the next three years. The latest economic projections released today from the Fed were little changed from September. The central bank still expects economic growth to be no stronger than 3% next year. Growth could improve to 3.5% in 2014 and 3.7% in 2015. The central bank sees unemployment no lower than 7.4% next year and 6.8% by the end of 2014. The earliest the Fed foresees unemployment dropping below 6.5% is the end of 2015. Following its final policy meeting of the year, the Fed also announced today that it plans to keep its key short-term interest rate near zero at least until the unemployment rate moves below 6.5%. And it says it will continue spending $85 billion a month on bond purchases to drive down long-term borrowing costs and stimulate economic growth. The Fed will spend $45 billion a month on long-term Treasury...
The number of children in Louisiana who are living with unemployed parents has grown by more than 45% compared to pre-recession levels, The Times-Picayune reports, citing a recent Urban Institute study. In 2007 there were 48,600 children in Louisiana living with unemployed parents, according to the study; in 2012 that number has reached 70,600. According to the U.S. Bureau of Labor Statistics, Louisiana had an unemployment rate of 6.6% in October—1.3% lower than the national rate. Nationally, children living with unemployed parents grew from 3.5 million to 6.3 million—an 80% increase—between 2007 and 2012. First Focus, a bipartisan children's advocacy group based in Washington, D.C., partnered with the Urban Institute to assemble the study on poverty that spotlights the statistics on unemployed parents. Professor Pamela Monroe of the LSU School of Social Work says child poverty is linked to the household. "Children are not poor. The households they live in...
First-time claims for unemployment insurance in Louisiana for the week ending Nov. 17 decreased from the previous week's total. New state labor department figures show the initial claims decreased to 2,875 from the previous week's total of 3,089. For the comparable week a year earlier, there were 4,558 initial claims. The four-week moving average, which is a less volatile measure of claims, decreased to 2,784 from the previous week's total of 2,788. Continued unemployment claims filed for the week ending Nov. 17 decreased to 29,653 compared to 30,269 the previous week. This was the lowest level since the week ending Nov. 29, 2008, with 28,944. The four-week moving average for such claims decreased to 30,189 from the previous week's average of 30,457.
Louisiana's unemployment rate dropped to 6.6% in October, down from 7% in September and 7.1% in October a year ago. Today's report from the Bureau of Labor Statistics shows total employment of 1,940,995 in October. The September figure was 1,927,850. The number of those listed as unemployed fell to 137,785 in October from 144,216 in September. The labor force grew, according to the report, which says there were 2,078,780 people in the workforce in October, compared to 2,072,066 the month before. Louisiana was one of 37 states that saw its unemployment rate fall in October despite a slight uptick in the national jobless rate. The same was true of the District of Columbia last month, while unemployment increased slightly in seven states and was unchanged in six. The national unemployment rate edged up to 7.9% in October from 7.8% the month previous, despite solid job growth of 171,000, as discouraged workers resumed their job searches, the Labor Department reported earlier this month.
Unemployment ticked down in Louisiana in August as some people left the labor force. The state's jobless rate fell to 7.4%, down from 7.6% in July but above the 7.3% unemployment rate a year ago. Louisiana's jobless rate never rose as high as the nation's and fell to a postrecession low of 6.9% in January. Since then, jobless rates rose in five out of six months. August was the first improvement since January. The number of unemployed Louisianans fell to 154,000 from 158,000 in July. In August 2011, the state had 149,000 unemployed people. A separate survey found total Louisiana payrolls rose slightly to 1.95 million in August. That's 2,000 above the July level and 42,000 above the level a year ago. Unemployment rates rose in more than half of U.S. states last month, the latest evidence that hiring remains tepid across the country. The Labor Department reports that rates increased in 26 states. They fell in 12 states and were unchanged in the other 12. Nationwide, employers added...
The number of Americans seeking unemployment benefits jumped to the highest weekly level in two months, although the figures were skewed in part by Hurricane Isaac. Applications increased by 15,000 to a seasonally adjusted 382,000, the Labor Department reports this morning. That's up from 367,000 the previous week. The four-week average—a less volatile measure of claims—increased for the fourth straight week to 375,000. Isaac made landfall as a Category 1 hurricane on Aug. 28 in Louisiana and was later downgraded to a tropical storm. It disrupted work in nine states and boosted applications by roughly 9,000, Labor officials report. Applications for unemployment benefits reflect the pace of layoffs. Jim O'Sullivan, chief U.S. economist at High Frequency Economics, says that if one excludes the impact of the hurricane, applications are likely closer to 370,000.
Payroll provider ADP has released its monthly survey of U.S. job creation, as usual, one day before the federal government is slated to report August job numbers. In its report, ADP says U.S businesses stepped up hiring in August and added 201,000 jobs—the most reported by ADP since March. ADP also says July job growth was stronger than first thought: Employers created 173,000 jobs—10,000 more jobs than the group reported last month. The report only covers hiring in the private sector and excludes government job growth. The Labor Department will offer a more complete picture of August hiring Friday morning. The two surveys reported roughly the same private-sector job creation in July. But they have diverged sharply in previous months. In the federal government's July jobs report, the national unemployment rate ticked up to 8.3%. Typically, it takes monthly job gains of at least 200,000 to see any lowering of the unemployment rate. On a related note, the Labor Department...
At 27.5%, Louisiana's unemployment rate among 16- to 19-year-olds is the eighth highest in the United States, according to a new analysis of summer employment data from the Bureau of Labor Statistics and Census Bureau. Nationwide, 19 states have a teen unemployment rate above 25%. The U.S. teen unemployment rate was 23.8% at the end of July and has been above 20% for 45 months now. California teens are apparently finding it the most difficult to find work; that state's nation-leading teen unemployment rate ended July at 35.4%, followed by South Carolina, Oregon, Georgia, Hawaii, Arizona, Washington and Louisiana. North Carolina and Rhode Island round out the top 10 states with the highest teen unemployment. Economists at both Miami and Trinity universities say proposals before Congress to increase the minimum wage from $7.25 to $9.80 per hour would likely cause a rise in teen unemployment if approved. See a breakdown of all states' teen unemployment rates
Louisiana's unemployment rate ticked up for the third straight month in July, amid signs of a stalling economy. The state's jobless rate rose to 7.6%, from 7.5% in June, as the number of people with jobs fell. The figures were released today by the Bureau of Labor Statistics. In July 2011, Louisiana's unemployment rate was 7.3%. While the state's jobless rate never rose as high as the nation's and fell to a post-recession low of 6.9% in January, it has been in ascent ever since. The number of unemployed Louisianans rose to almost 158,000 from 155,000 in June. In July 2011, the state had 150,000 unemployed people. A separate survey of employer payrolls shows the number of nonfarm employees fell during July but remained above July 2011 levels.
First-time claims for unemployment insurance in Louisiana for the week ending Aug. 4 increased from the previous week's total. The state labor department figures released today show the initial claims increased to 3,216 from the previous week's total of 2,988. For the comparable week a year earlier, there were 4,033 initial claims. The four-week moving average, which is a less volatile measure of claims, decreased to 3,240 from the previous week's total of 3,426. Continued unemployment claims filed for the week ending Aug. 4 totaled 36,452, compared to 36,639 the previous week. The four-week moving average for such claims increased to 36,512 from 36,264.
The Labor Department reports this morning that job openings rose to a seasonally adjusted 3.8 million in June, up from 3.7 million in May. That's the largest number of opening gains since May 2008, a positive sign that hiring increases may also follow in the coming months. Layoffs also fell in June. Today's data comes on the heels of a report Friday that said employers in July added the most jobs in five months. An increase in openings could signal better hiring in the coming months. It typically takes one to three months to fill a job. Even with the increase, hiring is competitive. There were 12.7 million unemployed people in June, or an average of 3.4 unemployed people for each job. In a healthy job market, the ratio is usually around 2 to 1.
The deep federal spending cuts scheduled to take effect at the start of next year may trigger dismissal notices for tens of thousands of employees of government contractors, analysts say, and the notices may start going out mere days before the presidential election, says The Washington Post. By law, all but the smallest companies must notify their workforce at least 60 days in advance when they know of specific job cuts that are likely to happen. Obama administration officials say that the threat of layoffs is overblown and that Republicans are playing up the possibility rather than trying to head it off. The Labor Department said Monday that it would be "inappropriate" for contractors to send out large-scale dismissal notices, because it is unclear whether the federal cuts will occur and how they would be carried out. Republicans reacted with fury, saying it is the White House that is playing politics. "The president is focused on preventing advance notice to American...
Though the number of people employed in the Baton Rouge metro area rose by about 3,000 between June 2011 and last month, the unemployment rate nonetheless rose 0.3% over the year to 8.7% as of June, according to the latest figures from the Louisiana Workforce Commission. The increase in the unemployment rate is due to the rising number of people joining the labor force. The number of unemployed increased to 33,572 in the Baton Rouge area in June, from 31,883 in June 2011. The number of those with jobs locally rose from 348,950 in June a year ago, to 351,765 last month. The 0.3% year-over-year increase in the unemployment rate is miniscule to the month-over-month increase. In May, Baton Rouge's unemployment rate was at 7.1%. Louisiana's unemployment rate in June dipped lower than the local rate, at 8.4%, according to the report. Unemployment rates within each parish included in the Baton Rouge metro area are as follows in June: East Baton Rouge Parish, 8.6%; Ascension, 7.7%;...
A new report out today from the Pelican Institute for Public Policy, a New Orleans-based research organization, says increased labor costs in Louisiana are resulting in fewer on-the-job training opportunities for the state's teens. According to the report, the teenage unemployment rate in Louisiana more than doubled between 2006 and 2011, from 13.2% to 26.5%. "While the jobs situation in Louisiana is somewhat better than the national average, the unemployment rate for working-age teens (16-19) is astronomical and bodes ill for the future of Louisiana's youth," says the Pelican Institute. The unemployment rate has particularly skyrocketed among Louisiana teens with less than a high school education, going from 13.6% in 2006 to 34.4% in 2011—an increase of 153%. The average hours worked per week for Louisiana teens fell from 9.7 to 5.7 hours over that same time frame—a decrease of 41.2% The percentage of employed Louisiana teenagers declined from 35.4% in 2006 to 22.8% in...
Despite posting the second-best year-over-year nonfarm employment percentage gain in the nation in June, Louisiana saw its unemployment rate rise to 7.5% on the month, up from 7.3% in June 2011, according to figures released today by the Bureau of Labor Statistics. That's also up from Louisiana's unemployment rate in May, which was 7.2%. Louisiana trailed only North Dakota in job growth between June 2011 and last month, with 52,700 more residents employed—an increase of 2.8%. But ultimately, the labor force grew faster than the rate at which people could find jobs, and the number of unemployed Louisianans in June also rose to 155,400, from 149,700 in May. A year ago, 146,800 people were jobless. Louisiana's jobless rate fell as low as 6.9% in January but has been slowly drifting upward since. The unemployment rate is calculated by a survey that asks how many people are looking for a job. A second survey each month asks employers how many people are on their payrolls, a measure...
Unemployment rates rose in 27 U.S. states in June compared to the month previous, the most in almost a year and a reflection of weaker hiring nationwide, according to a preliminary June jobs report out this morning from the U.S. Bureau of Labor Statistics. However, there's a bit of good news for Louisiana in the report, which says the Bayou State had the second-largest employment percentage increase in the nation. North Dakota had the largest increase, with 6.5% more of its residents with a job this June than were last June. Louisiana followed at 2.8%, with the addition of about 52,700 jobs. According to the report, 11 states and the District of Columbia posted unemployed rate decreases, and 12 states had no change. Forty-seven states and the District of Columbia registered unemployment rate decreases from a year earlier, while three states experienced increases. The national jobless rate, at 8.2%, was unchanged from May but 0.9 percentage points lower than in June 2011.
American employers advertised more jobs in May than April, a hopeful sign after three months of weak hiring. Job openings rose to a seasonally adjusted 3.6 million, the Labor Department reports this morning. That's up from 3.4 million in April. It's also the second-highest level in nearly four years, just behind March's 3.7 million. Still, layoffs also increased, an indication that the job market is still struggling. A rise in openings could mean hiring will pick up in the coming months. It typically takes one to three months to fill a job. Even with the increase, the competition for jobs remains fierce. There were 12.7 million unemployed people in May, or an average of 3.5 unemployed people for each open job. In a healthy job market, the ratio is usually about 2 to 1. And hiring has slowed sharply this spring. Employers added only 80,000 jobs in June, the third straight month of weak hiring. For the second quarter, the economy added an average of only 75,000 jobs a month. That's...
The 80,000 jobs U.S. employers added in June wasn't good enough to chisel away at the 8.2% unemployment rate, and marked the third straight month of weak hiring figures—an indication the economy continues to struggle three years after the recession ended. According to the Labor Department's monthly jobs report out this morning, the economy has added an average of just 75,000 jobs per month in the April-June quarter. That's one-third of 226,000 a month created in the first quarter. Job creation is also trailing last year's pace through the first six months of 2012. The dismal June job figures could prompt the Federal Reserve to take further action to try to boost the economy. The Fed last month downgraded its economic outlook for 2012. It predicted growth of just 1.9% to 2.4% for the year, and little change in the unemployment rate. Job gains in April and May were little changed from the department's previous estimates. And yet, there were some good signs in the report. The...
Unemployment in the 17-country euro currency bloc hit another record in May as the crippling financial crisis pushed the continent toward the brink of recession, according to new official figures out this morning. Eurostat, the EU's statistics office, says unemployment rose to 11.1% in May from 11% the previous month. May's rate was the highest since the euro was launched in 1999 and adds further urgency to the eurozone countries' plan to create economic growth and cut excessive government debt. May's unemployment rate compares badly with an unemployment rate of 8.2% in the United States and 4.4% in Japan, and is expected to rise further in the coming months as the eurozone economy is forecast to slide back into recession this year. Six countries in the eurozone, including Spain and Italy, remain in recession—technically defined as two consecutive quarters of economic contraction. In total, 17.6 million people were out of work in the eurozone in May, up 88,000 on the month...
When it comes to the economy, half of Americans included in a new poll say it won't matter much whether Barack Obama or Mitt Romney wins the presidency this fall, even though the candidates have staked their chances on which would be better at fixing the economic mess. People are especially pessimistic about the future president's influence over jobs, according to the Associated Press-GfK poll. Asked how much impact the November winner will have on unemployment, six in 10 gave answers ranging from slim to none. A majority of those surveyed—55%—say the winner will have either "just some impact" or "no impact" on the nation's huge budget deficits. Those with little confidence that the winner can fix things are also more pessimistic overall; just 32% of them think the economy will improve in the coming year. In contrast, among those who expect a substantial impact from the winner, almost half think the economy will get better. Republicans are more likely than Democrats to...
Slightly fewer than 1,000 more Louisianans filed first-time claims for unemployment insurance for the week ending June 9 than did the previous week. The state labor department reports today that initial claims increased to 4,272 from the previous week's total of 4,177. However, the figure was below the one for the comparable week a year earlier, when there were 4,445 initial claims. The four-week moving average, which is considered a less volatile measure of claims, increased to 4,070 from the previous week's total of 3,851. Continued unemployment claims filed for the week ending June 9 totaled 33,841, an increase from 32,533 for the previous week. The four-week moving average for such claims increased to 32,573 from 32,035.
The U.S. economy suddenly looks a lot weaker. According to the monthly jobs report out this morning by the Labor Department, American employers created just 69,000 jobs in May—the fewest in a year—and the unemployment rate ticked up to 8.2%. The dismal jobs data will likely fan fears that the economy is sputtering. It could also dim President Barack Obama's re-election prospects. And it could prompt the Federal Reserve to take further steps to help the economy. The Labor Department also says the economy created far fewer jobs in the previous two months than earlier thought: It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose 0.1% in May, up from 8.1% in April, the first increase in 11 months. In one of the few positive points in the May report, more people began looking for work last month, but not all found jobs. The increase drove the number of unemployed to 12.7 million, which pushed up the unemployment rate slightly. The...
Local unemployment ticks up in March
Unemployment in the Baton Rouge area increased from 5.5% in February to 5.8% in March, according to preliminary Bureau of Labor statistics released by the Louisiana Workforce Commission today. However, the region's employment picture has improved since a 6.6% rate was posted in March of last year. "Louisiana employers continue to add jobs, which is why the unemployment rate in most of the state was better in March than a year ago," Workforce Commission Executive Director Curt Eysink says. The statewide unemployment rate is 6%, with the Monroe area the highest at 6.5% and Houma/Thibodaux the lowest at 4.1%. The national rate is 7.6%. In 2011, the BLS implemented a new method to estimate nonfarm employment that reduces state input. LWC cautions the new method can lead to greater variability in the estimates from month to month. Specifically, within the Baton Rouge metro area, unemployment rates in March by parish were: Ascension, 5.2%; East Baton Rouge, 5.2%; East Feliciana, 5.7%;...
Capital Region unemployment rate falls to 5.5% in February
The unemployment rate in the nine-parish Baton Rouge metro area fell to 5.5% from 7% in January, according to a new report from the Louisiana Workforce Commission released today. The local unemployment rate was at 6.8% in February 2012. The Louisiana unemployment rate was at 5.8% in February, down from 7.2% in January and 6.8% in February a year ago. Specifically in the Capital Region, the unemployment rate by parish was as follows in February: Ascension, 4.8%; East Baton Rouge, 5.5%; East Feliciana, 6.7%; Iberville, 7.7%; Livingston, 5.2%; Pointe Coupee, 6.4%; St. Helena, 9.5%; West Baton Rouge, 5.8%; and West Feliciana, 7.3%. The LWC reports the state's private sector added 29,900 jobs over the past year, through February, or a 1.9% increase in employment.
Capital Region unemployment drops to 7% in January
The unemployment rate in the Baton Rouge metro area fell from 7.6% at the end of 2012 to 7% at the close of January, according to a report released by the Louisiana Workforce Commission today. The state's unemployment rate fell to 5.9% to open the year, down from 7% in December 2012. The state's civilian labor force, meanwhile, grew in January to its largest level since 2005, according to the LWC figures, which the commission attributes to federal Bureau of Labor Statistics. The civilian labor force—or the number of people working plus those who are unemployed and looking for work—rose to approximately 2.1 million in January, the report says. That's an increase of about 12,350 people compared to the year previous, and the highest level since November 2005. "The growth of our labor force and the high number of people who are working are indicators our economy is continuing to grow," says LWC Executive Director Curt Eysink in a prepared statement. Inside the nine-parish...
Unemployment fell to 7.7% in February
U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7% from 7.9% in January. Stronger hiring suggests businesses are confident about the economy, despite higher taxes and government spending cuts. The government's February employment report released this morning is filled with mostly encouraging details. The unemployment rate is now at its lowest level in four years. Hiring has averaged more than 200,000 per month since November, wages have increased and the job gains were broad-based—led by the best construction hiring in six years. One negative detail: Employers added fewer jobs in January than first estimated. Job gains were lowered to 119,000 from an initially reported 157,000. Still, December hiring was a little better than first thought, with 219,000 jobs added instead of 196,000. The unemployment rate had been stuck at 7.8% or above since September. About half the decline in February occurred because more of the...
B.R. posts slight decline in real GDP growth in 2011
The Baton Rouge metro area's real gross domestic product—that is, the total value of all goods sold, factoring in inflation—dipped 0.1% to $37.6 billion in 2011, compared to 2010. That's according to a new report out today from the Commerce Department's Bureau of Economic Analysis, which ranks Baton Rouge No. 251 among the nation's 366 largest metro areas for real GDP growth in 2011. Real GDP increased in 242 of the metro areas included in the report in 2011—or about two-thirds of all U.S. cities—with a 1.6% average increase. While Baton Rouge's real GDP was relatively stagnant between 2010 and 2011, the report shows it has increased nearly 10% since 2008, when it was $34.3 billion. The state posted a better than 10% increase in real GDP growth between 2008 ($184 billion) and 2011 ($205.9 billion). LSU economist Jim Richardson says Louisiana weathered the national recession relatively well and did not see considerable declines in unemployment, housing and...
Fed predicts high unemployment for next 3 years
The Federal Reserve predicts the nation’s unemployment rate will stay elevated until late 2015 and says it will keep short-term interest rates low for the next three years. The latest economic projections released today from the Fed were little changed from September. The central bank still expects economic growth to be no stronger than 3% next year. Growth could improve to 3.5% in 2014 and 3.7% in 2015. The central bank sees unemployment no lower than 7.4% next year and 6.8% by the end of 2014. The earliest the Fed foresees unemployment dropping below 6.5% is the end of 2015. Following its final policy meeting of the year, the Fed also announced today that it plans to keep its key short-term interest rate near zero at least until the unemployment rate moves below 6.5%. And it says it will continue spending $85 billion a month on bond purchases to drive down long-term borrowing costs and stimulate economic growth. The Fed will spend $45 billion a month on long-term Treasury...
Study: 45% increase in Louisiana children with unemployed parents since 2007
The number of children in Louisiana who are living with unemployed parents has grown by more than 45% compared to pre-recession levels, The Times-Picayune reports, citing a recent Urban Institute study. In 2007 there were 48,600 children in Louisiana living with unemployed parents, according to the study; in 2012 that number has reached 70,600. According to the U.S. Bureau of Labor Statistics, Louisiana had an unemployment rate of 6.6% in October—1.3% lower than the national rate. Nationally, children living with unemployed parents grew from 3.5 million to 6.3 million—an 80% increase—between 2007 and 2012. First Focus, a bipartisan children's advocacy group based in Washington, D.C., partnered with the Urban Institute to assemble the study on poverty that spotlights the statistics on unemployed parents. Professor Pamela Monroe of the LSU School of Social Work says child poverty is linked to the household. "Children are not poor. The households they live in...
Louisiana's weekly unemployment insurance claims drop
First-time claims for unemployment insurance in Louisiana for the week ending Nov. 17 decreased from the previous week's total. New state labor department figures show the initial claims decreased to 2,875 from the previous week's total of 3,089. For the comparable week a year earlier, there were 4,558 initial claims. The four-week moving average, which is a less volatile measure of claims, decreased to 2,784 from the previous week's total of 2,788. Continued unemployment claims filed for the week ending Nov. 17 decreased to 29,653 compared to 30,269 the previous week. This was the lowest level since the week ending Nov. 29, 2008, with 28,944. The four-week moving average for such claims decreased to 30,189 from the previous week's average of 30,457.
Unemployment in La. falls to 6.6% in October
Louisiana's unemployment rate dropped to 6.6% in October, down from 7% in September and 7.1% in October a year ago. Today's report from the Bureau of Labor Statistics shows total employment of 1,940,995 in October. The September figure was 1,927,850. The number of those listed as unemployed fell to 137,785 in October from 144,216 in September. The labor force grew, according to the report, which says there were 2,078,780 people in the workforce in October, compared to 2,072,066 the month before. Louisiana was one of 37 states that saw its unemployment rate fall in October despite a slight uptick in the national jobless rate. The same was true of the District of Columbia last month, while unemployment increased slightly in seven states and was unchanged in six. The national unemployment rate edged up to 7.9% in October from 7.8% the month previous, despite solid job growth of 171,000, as discouraged workers resumed their job searches, the Labor Department reported earlier this month.
Louisiana unemployment rate falls to 7.4% in August
Unemployment ticked down in Louisiana in August as some people left the labor force. The state's jobless rate fell to 7.4%, down from 7.6% in July but above the 7.3% unemployment rate a year ago. Louisiana's jobless rate never rose as high as the nation's and fell to a postrecession low of 6.9% in January. Since then, jobless rates rose in five out of six months. August was the first improvement since January. The number of unemployed Louisianans fell to 154,000 from 158,000 in July. In August 2011, the state had 149,000 unemployed people. A separate survey found total Louisiana payrolls rose slightly to 1.95 million in August. That's 2,000 above the July level and 42,000 above the level a year ago. Unemployment rates rose in more than half of U.S. states last month, the latest evidence that hiring remains tepid across the country. The Labor Department reports that rates increased in 26 states. They fell in 12 states and were unchanged in the other 12. Nationwide, employers added...
Isaac boosts U.S. claims for jobless benefits
The number of Americans seeking unemployment benefits jumped to the highest weekly level in two months, although the figures were skewed in part by Hurricane Isaac. Applications increased by 15,000 to a seasonally adjusted 382,000, the Labor Department reports this morning. That's up from 367,000 the previous week. The four-week average—a less volatile measure of claims—increased for the fourth straight week to 375,000. Isaac made landfall as a Category 1 hurricane on Aug. 28 in Louisiana and was later downgraded to a tropical storm. It disrupted work in nine states and boosted applications by roughly 9,000, Labor officials report. Applications for unemployment benefits reflect the pace of layoffs. Jim O'Sullivan, chief U.S. economist at High Frequency Economics, says that if one excludes the impact of the hurricane, applications are likely closer to 370,000.
Private survey: U.S. added 201K jobs in August
Payroll provider ADP has released its monthly survey of U.S. job creation, as usual, one day before the federal government is slated to report August job numbers. In its report, ADP says U.S businesses stepped up hiring in August and added 201,000 jobs—the most reported by ADP since March. ADP also says July job growth was stronger than first thought: Employers created 173,000 jobs—10,000 more jobs than the group reported last month. The report only covers hiring in the private sector and excludes government job growth. The Labor Department will offer a more complete picture of August hiring Friday morning. The two surveys reported roughly the same private-sector job creation in July. But they have diverged sharply in previous months. In the federal government's July jobs report, the national unemployment rate ticked up to 8.3%. Typically, it takes monthly job gains of at least 200,000 to see any lowering of the unemployment rate. On a related note, the Labor Department...
La. among top 10 states for teen unemployment
At 27.5%, Louisiana's unemployment rate among 16- to 19-year-olds is the eighth highest in the United States, according to a new analysis of summer employment data from the Bureau of Labor Statistics and Census Bureau. Nationwide, 19 states have a teen unemployment rate above 25%. The U.S. teen unemployment rate was 23.8% at the end of July and has been above 20% for 45 months now. California teens are apparently finding it the most difficult to find work; that state's nation-leading teen unemployment rate ended July at 35.4%, followed by South Carolina, Oregon, Georgia, Hawaii, Arizona, Washington and Louisiana. North Carolina and Rhode Island round out the top 10 states with the highest teen unemployment. Economists at both Miami and Trinity universities say proposals before Congress to increase the minimum wage from $7.25 to $9.80 per hour would likely cause a rise in teen unemployment if approved. See a breakdown of all states' teen unemployment rates
State jobless rate rises in July to 7.6%
Louisiana's unemployment rate ticked up for the third straight month in July, amid signs of a stalling economy. The state's jobless rate rose to 7.6%, from 7.5% in June, as the number of people with jobs fell. The figures were released today by the Bureau of Labor Statistics. In July 2011, Louisiana's unemployment rate was 7.3%. While the state's jobless rate never rose as high as the nation's and fell to a post-recession low of 6.9% in January, it has been in ascent ever since. The number of unemployed Louisianans rose to almost 158,000 from 155,000 in June. In July 2011, the state had 150,000 unemployed people. A separate survey of employer payrolls shows the number of nonfarm employees fell during July but remained above July 2011 levels.
Louisiana 1st-time jobless claims increase
First-time claims for unemployment insurance in Louisiana for the week ending Aug. 4 increased from the previous week's total. The state labor department figures released today show the initial claims increased to 3,216 from the previous week's total of 2,988. For the comparable week a year earlier, there were 4,033 initial claims. The four-week moving average, which is a less volatile measure of claims, decreased to 3,240 from the previous week's total of 3,426. Continued unemployment claims filed for the week ending Aug. 4 totaled 36,452, compared to 36,639 the previous week. The four-week moving average for such claims increased to 36,512 from 36,264.
American employers post most job openings in June since 2008
The Labor Department reports this morning that job openings rose to a seasonally adjusted 3.8 million in June, up from 3.7 million in May. That's the largest number of opening gains since May 2008, a positive sign that hiring increases may also follow in the coming months. Layoffs also fell in June. Today's data comes on the heels of a report Friday that said employers in July added the most jobs in five months. An increase in openings could signal better hiring in the coming months. It typically takes one to three months to fill a job. Even with the increase, hiring is competitive. There were 12.7 million unemployed people in June, or an average of 3.4 unemployed people for each job. In a healthy job market, the ratio is usually around 2 to 1.
'Fiscal cliff' looms as debate over pre-Election Day layoff notices heats up
The deep federal spending cuts scheduled to take effect at the start of next year may trigger dismissal notices for tens of thousands of employees of government contractors, analysts say, and the notices may start going out mere days before the presidential election, says The Washington Post. By law, all but the smallest companies must notify their workforce at least 60 days in advance when they know of specific job cuts that are likely to happen. Obama administration officials say that the threat of layoffs is overblown and that Republicans are playing up the possibility rather than trying to head it off. The Labor Department said Monday that it would be "inappropriate" for contractors to send out large-scale dismissal notices, because it is unclear whether the federal cuts will occur and how they would be carried out. Republicans reacted with fury, saying it is the White House that is playing politics. "The president is focused on preventing advance notice to American...
Baton Rouge unemployment rate jumps to 8.7%
Though the number of people employed in the Baton Rouge metro area rose by about 3,000 between June 2011 and last month, the unemployment rate nonetheless rose 0.3% over the year to 8.7% as of June, according to the latest figures from the Louisiana Workforce Commission. The increase in the unemployment rate is due to the rising number of people joining the labor force. The number of unemployed increased to 33,572 in the Baton Rouge area in June, from 31,883 in June 2011. The number of those with jobs locally rose from 348,950 in June a year ago, to 351,765 last month. The 0.3% year-over-year increase in the unemployment rate is miniscule to the month-over-month increase. In May, Baton Rouge's unemployment rate was at 7.1%. Louisiana's unemployment rate in June dipped lower than the local rate, at 8.4%, according to the report. Unemployment rates within each parish included in the Baton Rouge metro area are as follows in June: East Baton Rouge Parish, 8.6%; Ascension, 7.7%;...
Unemployment rate among La. teens 'astronomical'
A new report out today from the Pelican Institute for Public Policy, a New Orleans-based research organization, says increased labor costs in Louisiana are resulting in fewer on-the-job training opportunities for the state's teens. According to the report, the teenage unemployment rate in Louisiana more than doubled between 2006 and 2011, from 13.2% to 26.5%. "While the jobs situation in Louisiana is somewhat better than the national average, the unemployment rate for working-age teens (16-19) is astronomical and bodes ill for the future of Louisiana's youth," says the Pelican Institute. The unemployment rate has particularly skyrocketed among Louisiana teens with less than a high school education, going from 13.6% in 2006 to 34.4% in 2011—an increase of 153%. The average hours worked per week for Louisiana teens fell from 9.7 to 5.7 hours over that same time frame—a decrease of 41.2% The percentage of employed Louisiana teenagers declined from 35.4% in 2006 to 22.8% in...
La. unemployment rises to 7.5% in June
Despite posting the second-best year-over-year nonfarm employment percentage gain in the nation in June, Louisiana saw its unemployment rate rise to 7.5% on the month, up from 7.3% in June 2011, according to figures released today by the Bureau of Labor Statistics. That's also up from Louisiana's unemployment rate in May, which was 7.2%. Louisiana trailed only North Dakota in job growth between June 2011 and last month, with 52,700 more residents employed—an increase of 2.8%. But ultimately, the labor force grew faster than the rate at which people could find jobs, and the number of unemployed Louisianans in June also rose to 155,400, from 149,700 in May. A year ago, 146,800 people were jobless. Louisiana's jobless rate fell as low as 6.9% in January but has been slowly drifting upward since. The unemployment rate is calculated by a survey that asks how many people are looking for a job. A second survey each month asks employers how many people are on their payrolls, a measure...
Louisiana sees 2nd-best nonfarm employment gains on the year
Unemployment rates rose in 27 U.S. states in June compared to the month previous, the most in almost a year and a reflection of weaker hiring nationwide, according to a preliminary June jobs report out this morning from the U.S. Bureau of Labor Statistics. However, there's a bit of good news for Louisiana in the report, which says the Bayou State had the second-largest employment percentage increase in the nation. North Dakota had the largest increase, with 6.5% more of its residents with a job this June than were last June. Louisiana followed at 2.8%, with the addition of about 52,700 jobs. According to the report, 11 states and the District of Columbia posted unemployed rate decreases, and 12 states had no change. Forty-seven states and the District of Columbia registered unemployment rate decreases from a year earlier, while three states experienced increases. The national jobless rate, at 8.2%, was unchanged from May but 0.9 percentage points lower than in June 2011.
U.S. job openings rose in May
American employers advertised more jobs in May than April, a hopeful sign after three months of weak hiring. Job openings rose to a seasonally adjusted 3.6 million, the Labor Department reports this morning. That's up from 3.4 million in April. It's also the second-highest level in nearly four years, just behind March's 3.7 million. Still, layoffs also increased, an indication that the job market is still struggling. A rise in openings could mean hiring will pick up in the coming months. It typically takes one to three months to fill a job. Even with the increase, the competition for jobs remains fierce. There were 12.7 million unemployed people in May, or an average of 3.5 unemployed people for each open job. In a healthy job market, the ratio is usually about 2 to 1. And hiring has slowed sharply this spring. Employers added only 80,000 jobs in June, the third straight month of weak hiring. For the second quarter, the economy added an average of only 75,000 jobs a month. That's...
Unemployment stuck at 8.2% on gain of 80,000 jobs in June
The 80,000 jobs U.S. employers added in June wasn't good enough to chisel away at the 8.2% unemployment rate, and marked the third straight month of weak hiring figures—an indication the economy continues to struggle three years after the recession ended. According to the Labor Department's monthly jobs report out this morning, the economy has added an average of just 75,000 jobs per month in the April-June quarter. That's one-third of 226,000 a month created in the first quarter. Job creation is also trailing last year's pace through the first six months of 2012. The dismal June job figures could prompt the Federal Reserve to take further action to try to boost the economy. The Fed last month downgraded its economic outlook for 2012. It predicted growth of just 1.9% to 2.4% for the year, and little change in the unemployment rate. Job gains in April and May were little changed from the department's previous estimates. And yet, there were some good signs in the report. The...
Eurozone unemployment hits new record in May
Unemployment in the 17-country euro currency bloc hit another record in May as the crippling financial crisis pushed the continent toward the brink of recession, according to new official figures out this morning. Eurostat, the EU's statistics office, says unemployment rose to 11.1% in May from 11% the previous month. May's rate was the highest since the euro was launched in 1999 and adds further urgency to the eurozone countries' plan to create economic growth and cut excessive government debt. May's unemployment rate compares badly with an unemployment rate of 8.2% in the United States and 4.4% in Japan, and is expected to rise further in the coming months as the eurozone economy is forecast to slide back into recession this year. Six countries in the eurozone, including Spain and Italy, remain in recession—technically defined as two consecutive quarters of economic contraction. In total, 17.6 million people were out of work in the eurozone in May, up 88,000 on the month...
Poll: Election winner won't impact economy much
When it comes to the economy, half of Americans included in a new poll say it won't matter much whether Barack Obama or Mitt Romney wins the presidency this fall, even though the candidates have staked their chances on which would be better at fixing the economic mess. People are especially pessimistic about the future president's influence over jobs, according to the Associated Press-GfK poll. Asked how much impact the November winner will have on unemployment, six in 10 gave answers ranging from slim to none. A majority of those surveyed—55%—say the winner will have either "just some impact" or "no impact" on the nation's huge budget deficits. Those with little confidence that the winner can fix things are also more pessimistic overall; just 32% of them think the economy will improve in the coming year. In contrast, among those who expect a substantial impact from the winner, almost half think the economy will get better. Republicans are more likely than Democrats to...
La. first-time jobless claims increase
Slightly fewer than 1,000 more Louisianans filed first-time claims for unemployment insurance for the week ending June 9 than did the previous week. The state labor department reports today that initial claims increased to 4,272 from the previous week's total of 4,177. However, the figure was below the one for the comparable week a year earlier, when there were 4,445 initial claims. The four-week moving average, which is considered a less volatile measure of claims, increased to 4,070 from the previous week's total of 3,851. Continued unemployment claims filed for the week ending June 9 totaled 33,841, an increase from 32,533 for the previous week. The four-week moving average for such claims increased to 32,573 from 32,035.
Unemployment rose in May on worst jobs report in a year
The U.S. economy suddenly looks a lot weaker. According to the monthly jobs report out this morning by the Labor Department, American employers created just 69,000 jobs in May—the fewest in a year—and the unemployment rate ticked up to 8.2%. The dismal jobs data will likely fan fears that the economy is sputtering. It could also dim President Barack Obama's re-election prospects. And it could prompt the Federal Reserve to take further steps to help the economy. The Labor Department also says the economy created far fewer jobs in the previous two months than earlier thought: It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose 0.1% in May, up from 8.1% in April, the first increase in 11 months. In one of the few positive points in the May report, more people began looking for work last month, but not all found jobs. The increase drove the number of unemployed to 12.7 million, which pushed up the unemployment rate slightly. The...