FRANKFORT, Ky. — Kentucky’s seasonally adjusted preliminary October 2021 jobless rate was 4.2%, according to the Kentucky Center for Statistics (KYSTATS), an agency within the Education and Workforce Development Cabinet (EWDC).
The preliminary October 2021 jobless rate was down 0.1 percentage points from the 4.3% reported in September 2021 and down 1.3 percentage points from the 5.5% recorded for the state one year ago.
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 1,991,931 in October 2021, an increase of 4,800 individuals from September 2021. The number of people employed in October increased by 4,937 to 1,907,351 while the number jobless decreased by 137 to 84,580.
“While Kentucky’s labor force contracted from March through June, it has shown signs of growth over the past four months,” said University of Kentucky’s Center for Business and Economic Research (CBER) Director Mike Clark, Ph.D. “Kentucky’s labor force grew during each of the last four months, adding 11,885 workers. While these are not necessarily large increases and there is still a lot of volatility in the labor market, these increases may suggest workers are starting to slowly return to the labor force.”
“Kentucky extended its jobs recovery in October,” said Clark. “Kentucky posted strong growth in its trade, transportation and utilities sectors. However, these gains were offset by losses in arts, entertainment, and recreation businesses and other sectors.”
The jobless rate at Kentucky’s manufacturers decreased by 1,200 jobs or 0.5% from September 2021 to October 2021. All of the additional jobs were from the durable goods subsector which was up 1,200, or 0.7%, over September.
Employment in the financial activities sector increased by 100 positions in October 2021. The finance and insurance subsector added 100 jobs from September 2021 to October 2021. The real estate, rental and leasing subsector did not change in October. The financial activities sector has grown by 1,900 jobs or 2% from last October.
The professional and business services sector declined by 700 jobs or 0.3% in October 2021. Employment increased by 300 jobs in the professional, scientific and technical services subsector and 100 jobs in the management of companies subsector. The administrative and support and waste management subsector lost 1,100. Employment in this sector was down 5,200 or 2.5% since October 2020.
The U.S. seasonally adjusted jobless rate for October 2021 was 4.6%, down from the 4.8% reported in September 2021, according to the U.S. Department of Labor.
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