Kentucky’s seasonally adjusted preliminary April 2023 unemployment rate was a record low 3.7%, according to information released Thursday by the Kentucky Education and Labor Cabinet.
That represents a drop of 0.1% from March, as well as the rate that was recorded for the state one year ago of 3.8%.
This compares to the U.S. seasonally adjusted jobless rate for April, which was 3.4%. Like in Kentucky, that was down 0.1% from March, according to the U.S. Department of Labor.
The Cabinet notes that 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.
“Our businesses and communities are thriving, and Kentuckians are working hard and providing for their families,” Gov. Andy Beshear said in a statement released by his office Thursday. “Our record-breaking economy is what can happen when we put politics aside and focus on moving the state forward and doing what is best for all our families.”
Kentucky’s civilian labor force was 2,046,426 in April 2023, an increase of 4,277 individuals from March 2023. The number of people employed in April rose by 5,086 to 1,970,127 while the number of unemployed decreased by 809 to 76,299.
“April saw strong gains in Kentucky’s labor force,” said University of Kentucky’s Center for Business and Economic Research Director Mike Clark. “With employers continuing to expand their payrolls, workers are finding jobs at a faster pace than they are returning to the labor force. This has helped push Kentucky’s unemployment rate to a new historic low of 3.7%.”
The Kentucky Center for Statistics issued its March breakdown Thursday which said unemployment rates fell in 90 counties between March 2022 and March 2023.
Woodford County recorded the lowest jobless rate in the commonwealth at 2.8%. It was followed by Fayette County, 2.9%; Anderson, Oldham and Scott counties, 3% each; and Jessamine and Washington counties at 3.1% each.
Magoffin County recorded the state’s highest unemployment rate at 9.4%. It was followed by Elliott County, 8.9%; Lewis County, 8%; Breathitt County, 7.6%; Carter County, 7.4%; and Martin County, 7.1%.
The eight-county region served by the Lincoln Trail Area Development District recorded a March rate of 3.8%, down from from 4.7% in March 2022. Locally, Hardin County showed 1,790 unemployed or 3.8% with LaRue County at 4% and Meade County at 4.5%.
Source: thenewsenterprise.com
Photo Credit: GettyImages-Jacqueline Nix
Categories: Kentucky, Business