The Kentucky unemployment rate is now on par with the national average. The July jobless rate dipped to 4.9% from 5% in June.
Office of Employment and Training economist Manoj Shanker says the data is “worth celebrating” because it’s the first time the state has dropped below 5% in 15 years.
A separate federal jobs study (which excludes jobs in agriculture and people self-employed) disappointed officials marking a loss in retail trade, construction and government jobs contributing to a decrease in the overall labor force.
In July, Kentucky’s civilian labor force was 1,967,839, a decrease of 6,183 individuals from the previous month. Employment was down 4,100 yet the number of unemployed decreased by 2,083.
Shankar says a “soft job market” means employers aren’t under pressure to raise wages, a situation that remains unchanged from a year ago.
The largest decreases came from Kentucky’s largest sector: trade, transportation and utilities, with a loss of 3,000 jobs. Government (including public education, administration and state-owned hospitals) had a drop of 1,700 jobs followed by the construction sector with 1,500 jobs lost.
The manufacturing sector saw a notable increase in 2,300 jobs last month - following a national trend. Financial activities, the “other” service sector including maintenance and personal care, education, health and hospitality also saw an increase.
