The preliminary
September 2024 jobless rate was up 0.1 percentage points from August 2024 and
up 0.6 percentage points from one year ago.
The U.S. seasonally
adjusted jobless rate for September 2024 was 4.1%, which was down from the 4.2%
recorded for August 2024, according to the U.S. Department of Labor.
Labor force
statistics, including the unemployment rate, are based upon estimates from the
Current Population Survey of households. The survey is designed to measure
trends in the number of people working and includes jobs in agriculture and
individuals who are self-employed.
Kentucky’s civilian
labor force was 2,068,927 in September 2024, an increase of 7,306 individuals
from August 2024. The number of people employed in September increased by 4,964
to 1,967,416 while the number unemployed increased by 2,342 to 101,511.
In a separate
federal survey of business establishments that excludes jobs in agriculture and
people who are self-employed, Kentucky’s seasonally adjusted nonfarm employment
increased by 4,800 jobs to 2,045,400 in September 2024 compared to August 2024.
Kentucky’s nonfarm employment was up 18,800 jobs or 0.9% compared to September
2023.
“Both the household
and business surveys point to improvements in Kentucky’s labor market last
month,” said University of Kentucky’s Center for Business and Economic Research
(CBER) Director Mike Clark, Ph.D. “In September, Kentucky employers added jobs,
more people found work, and more people entered the labor market. While the
state’s unemployment rate increased, the increase was due to more people
entering the labor market rather than workers losing jobs, which is a trend
we’ve seen for several months now.”
Nonfarm data is
provided by the Bureau of Labor Statistics’ Current Employment Statistics
program. According to the survey, employment increased for five of
Kentucky’s major nonfarm North American Industry Classification System (NAICS)
job sectors in September 2024, decreased for five, and was unchanged for one.
The leisure and
hospitality sector added 1,900 positions in September. This sector reported
2,400 more jobs in September than one year ago. The accommodations and food
services subsector was up by 1,500 positions in September. The arts,
entertainment and recreation subsector increased by 400 jobs from August to
September.
The educational and
health services sector increased by 1,500 positions in September 2024.
Employment in the health care and social assistance subsector rose by 1,100
jobs from August to September. The educational services subsector added 400
jobs. Since last September, this sector has grown by 15,000 jobs or 4.9%.
Employment in the
trade, transportation and utilities sector added 1,300 positions from August to
September and was up 300 jobs compared to a year ago. Employment was up by 400
jobs in wholesale trade subsector; 200 jobs in the retail trade subsector; and
700 jobs in the transportation, warehousing and utilities subsector.
Jobs in the
financial activities sector rose by 600 positions from August 2024 to September
2024. The finance and insurance subsector added 300 jobs. Employment in the
real estate, rental and leasing subsector was also up by 300 jobs. This sector
was down 500 jobs from September 2023.
The government
sector increased by 1,000 jobs from August 2024 to September 2024. The number
of jobs increased by 100 jobs in federal government; 300 jobs in state
government; and 600 jobs in local government. The total number of government
jobs rose by 3,200 positions or 1% compared to September 2023.
The number of jobs
in the state’s mining and logging sector was unchanged in September. This
sector had 700 more jobs in September 2024 compared to September 2023.
Employment in
Kentucky’s professional and business services sector fell by 100 jobs in
September 2024. From August to September, employment rose by 1,000 jobs in the
professional, scientific and technical services subsector; fell by 100
positions in the management of companies subsector; and fell by 1,000 jobs in
the administrative, support and waste management subsector. The sector was up
200 positions compared to September 2023.
Kentucky’s
manufacturing sector fell by 200 jobs from August 2024 to September 2024. All
the manufacturing job losses in September occurred in the durable goods
manufacturing subsector. Kentucky’s manufacturing employment was down 2,800
positions or 1.1% compared to September 2023.
Employment in
Kentucky’s information services sector fell by 200 jobs from August to
September. The industries in this sector include traditional publishing as well
as software publishing; motion pictures and broadcasting; and
telecommunications. The number of jobs in this sector was down 1,400 from one
year ago.
The other services
sector was down by 200 jobs from August to September. This sector had 100 more
positions in September 2024 compared to September 2023. This sector includes
repairs and maintenance, personal care services and religious organizations.
The construction
sector lost 800 jobs from August 2024 to September 2024, but was up 1,600
positions or 1.8% from one year ago.
“After posting
strong employment growth during the first half of the year, construction
activity appears to have cooled in recent months,” said Clark. “Both August and
September saw declines in construction employment.”
Civilian labor
force statistics include nonmilitary workers and unemployed Kentuckians who are
actively seeking work. They do not include unemployed Kentuckians who have not
looked for employment within the past four weeks.
Kentucky’s
statewide unemployment rate and employment levels are seasonally adjusted.
Employment statistics undergo sharp fluctuations due to seasonal events, such
as weather changes, harvests, holidays, and school openings and closings.
Seasonal adjustments eliminate these influences and make it easier to observe
statistical trends. However, due to the small sample size, county unemployment
rates are not seasonally adjusted.
Visit the Kentucky Center for
Statistics website to learn more about Kentucky labor market
information.
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