FRANKFORT,
Ky. (Nov. 16, 2023) — Kentucky’s seasonally adjusted preliminary
October 2023 unemployment rate was 4.2%, according to the Kentucky Center for
Statistics (KYSTATS), an agency within the Kentucky Education and Labor Cabinet
(KELC).
The preliminary
October 2023 jobless rate was up 0.1 percentage point from September 2023 and
was up 0.2 percentage point from one year ago.
The U.S. seasonally
adjusted jobless rate for October 2023 was 3.9%, which was up 0.1 percentage
point from September 2023, 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 2,040,567 in October 2023, a decrease of 4,559 individuals from
September 2023. The number of people employed in October fell by 5,259 to
1,955,042 while the number unemployed increased by 700 to 85,525.
“Although
Kentucky’s unemployment rate remains fairly low, the number of people employed
in Kentucky has decreased in each of the past four months,” said University of
Kentucky’s Center for Business and Economic Research (CBER) Director Mike
Clark, Ph.D. “While many of these formerly employed workers are searching for a
new job, the majority appear to have left the labor market. The number of
people exiting the labor force was equal to 63% of the decrease in employment
over the past four months.”
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 1,500 jobs to 2,034,400 in October 2023 compared to September
2023. Kentucky’s nonfarm employment was up 52,200 jobs or 2.6% compared to
October 2022.
“Kentucky’s payroll
employment increased in October but at a slower pace,” said Clark. “This comes
after two months of employers reporting large increases in payroll employment.”
Nonfarm data is
provided by the Bureau of Labor Statistics’ Current Employment Statistics
program. According to the survey, employment increased for four of
Kentucky’s major nonfarm North American Industry Classification System (NAICS)
job sectors in October 2023 and decreased for seven.
Construction
employment rose by 2,400 jobs or 2.6% from September to October 2023 and was up
12,300 positions or 14.9% from one year ago.
“Estimates suggests
that Kentucky’s construction sector has experienced a significant surge in employment
over the past year,” said Clark. “While national construction employment grew
by only 2.8% over the past year, Kentucky’s construction employment has grown
by 14.9%.”
Kentucky’s
professional and business services sector rose by 1,900 jobs or 0.8% in October
2023. Employment increased by 800 positions in the professional, scientific and
technical services subsector. The management of companies subsector added 400
jobs, and the administrative, support and waste management subsector rose by
700 from September to October. The sector has increased by 4,300 jobs or 1.8%
since October 2022.
The educational and
health services sector increased by 800 positions in October 2023. Employment
in the health care and social assistance subsector rose by 1,600 jobs in
October. These gains were partially offset by a loss of 800 jobs in the
educational services subsector. Since last October, this sector has grown by
16,000 jobs or 5.5%.
The number of jobs
in the state’s mining and logging sector rose by 100 from September to October.
This sector had 300 more jobs compared to October 2022.
Employment in
Kentucky’s information services sector fell by 100 jobs from September to
October. The industries in this sector include traditional publishing as well
as software publishing; motion pictures and broadcasting; and
telecommunications. The number of jobs this sector was the same in October 2023
as it was in October 2022.
Kentucky’s
manufacturing sector declined by 200 jobs from September 2023 to October 2023.
Employment was unchanged in durable goods manufacturing, but non-durable goods
manufacturing lost 200 jobs. Kentucky’s manufacturing employment was up 7,200
positions or 2.8% since October 2022.
Employment in the
other services sector was down by 200 jobs from September to October. This
sector had 1,900 more positions in October 2023 compared to October 2022. This
sector includes repairs and maintenance, personal care services and religious
organizations.
Employment in the
government sector fell by 300 from September 2023 to October 2023. Jobs were
unchanged in federal government; decreased by 400 in state government; and
increased by 100 in local government. The total number of government jobs rose
by 6,300 positions or 2.1% compared to October 2022.
The trade,
transportation and utilities sector lost 600 jobs from September to October and
was up 4,700 jobs or 1.1% compared to a year ago. The jobs losses occurred in
the wholesale trade (-600) and retail trade (-1,200) subsectors. Much of
these losses were offset by a gain of 1,200 jobs in the transportation,
warehousing and utilities subsector.
Kentucky’s
financial activities sector fell by 700 jobs in October 2023. Employment was
down 700 jobs in the finance and insurance subsector from September to October
and was unchanged in the real estate, rental and leasing subsector. The sector
decreased by 3,200 positions compared to last October.
The leisure and
hospitality sector contracted by 1,600 positions from September 2023 to October
2023, representing a loss of 0.8%. This sector reported 2,400 more jobs in
October than one year ago. The accommodations and food services subsector was
down by 2,400 jobs in October. Employment in the arts, entertainment and
recreation subsector increased by 800 jobs from September to October.
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.
To learn more about
Kentucky labor market information, visit http://kystats.ky.gov/KYLMI.