Louisiana Jobless Claims Plummet Faster Than In Most States
While the economic situation in the U.S. has been the subject of a lot of negative headlines and even more speculation, there is good news for the Louisiana job market.
WalletHub, which routinely grades economic measures among the different states, has an analysis of jobless claims in all 50 states, and Louisiana's jobless claims dropped by more than 12 percent from last week.
Here are some other key stats from WalletHub:
- Weekly unemployment claims in Louisiana decreased by 12.56% compared to the previous week. This was the 11th biggest decrease in the U.S.
- Weekly unemployment claims in Louisiana were 83.82% lower than in the same week last year. This was the 2nd biggest decrease in the U.S.
- Weekly unemployment claims in Louisiana were 16.37% lower than in the same week pre-pandemic (2019). This was the 17th biggest decrease in the U.S.
- Unemployment Insurance Initial Claims per 100,000 People in Labor Force in Louisiana: 74
Overall, those stats helped Louisiana rank No. 4 in the nation for jobless claims dropping.
"The U.S. has reduced unemployment from record highs during the COVID-19 pandemic to near record lows," WalletHub says. "Now, however, high inflation and the looming threat of a recession could cause unemployment claims to spike once more. For the time being, the job market is still in good shape, with new unemployment claims decreasing by 2.6% week-over-week on August 29."
However, they note, there are still six million Americans currently unemployed.
There are several economic stories brewing that could affect unemployment and jobless claims in Louisiana in the coming months, however. One thing economists are looking at is the Federal Reserve raising the interest rate even more.
“The Fed’s most recent interest rate hike will affect unemployment. Essentially, higher interest rates might lower consumer spending and business investments, which could lead to a reduction in hiring and an increase in unemployment,” said Jill Gonzalez, WalletHub Analyst. “Since the cost of borrowing will also now be higher, it could also have a direct impact on employees’ personal finances. Combined, it's not a very good outlook in terms of unemployment numbers in the short term.”
But it is good to see Louisiana trending higher for a positive reason. There are some things in the state that seem to be going well, and it's certainly the hope of Louisiana residents that this trend continues.