State of Kentucky unemployment remains nearly same at 4.3 percent

Unemployment rate and employment levels are seasonally adjusted.

(Story Courtesy of Kentucky Today)

FRANKFORT, Ky. (KT) – Kentucky’s seasonally adjusted preliminary December 2023 unemployment rate was 4.3 percent, according to the Kentucky Education and Labor Cabinet, which was unchanged from November 2023 and was up 0.4% from one year ago.

“The December number indicates that there was a slight increase in the number of people unemployed and a slight decrease in the labor force,” said Mike Clark, the University of Kentucky’s Center for Business and Economic Research Director.   “However, these changes were not large enough to change the state’s unemployment rate, which held steady at 4.3%.”

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 decreased by 4,600 jobs to 2,022,300 in December 2023 compared to November 2023.  Kentucky’s nonfarm employment was up 46,700 jobs or 2.4% compared to December 2022.

“Kentucky’s payroll employment decreased in the final two months of 2023,” said Clark. “Despite these late losses, Kentucky’s economy ended 2023 with 46,700 more jobs than at the end of 2022.”

The biggest gain in jobs came in the government sector, which rose 1,500 from November 2023 to December 2023.  It was unchanged at the federal level; increased by 1,300 in state government; and was up by 200 in local government.  The total number of government jobs rose by 9,700 positions or 3.2% compared to December 2022.

The largest loss was in Kentucky’s professional and business services sector fell by 2,900 jobs or 1.3% in December 2023.

“Reduced payrolls in the professional and business services accounted for most of Kentucky’s job losses in December,” said Clark. “This decrease might reflect firms adjusting their level of temporary workers as the national economy cools.”

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.