FRANKFORT, Ky. – Kentucky’s seasonally adjusted preliminary October 2020 unemployment charge was 7.4 p.c, based on the Kentucky Center for Statistics (KYSTATS), an company throughout the Education and Workforce Development Cabinet (EWDC).
The preliminary October 2020 jobless charge was up 1.8 proportion factors from September 2020 and up 3.1 proportion factors from the 4.3 p.c recorded for the state one 12 months in the past.
The U.S. seasonally adjusted jobless charge for October 2020 was 6.9 p.c, down from 7.9 p.c in September 2020, based on the U.S. Department of Labor.
Labor pressure statistics, together with the unemployment charge, are based mostly upon estimates from the Current Population Survey of households. The survey is designed to measure developments within the variety of individuals working, and contains jobs in agriculture and people who’re self-employed.
Kentucky’s civilian labor pressure was 1,963,461 in October 2020, a rise of 62,809 people from September 2020. The variety of individuals employed elevated by 24,752 from September to October, however was nonetheless down 173,773 from a 12 months in the past. The quantity unemployed elevated by 38,057 from September to October.
“More Kentuckians reported that they worked in October than in September,” mentioned University of Kentucky’s Center for Business and Economic Research (CBER) Director Mike Clark, Ph.D. “Kentucky’s unemployment rate increased in spite of these employment gains because more Kentuckians also reported that they were without work and actively searching for a job. This increase in the number of people unemployed pushed the state’s unemployment rate up to 7.4 percent. These estimates continue to be volatile from month to month.”
In a separate federal survey of enterprise institutions that excludes jobs in agriculture and people who find themselves self-employed, Kentucky’s seasonally adjusted nonfarm employment elevated by 10,900 jobs in October 2020 in comparison with September 2020. Kentucky’s employment was down 107,100 jobs or 5.5 p.c in comparison with October 2019.
“Non-farm employment continued to recover in October,” mentioned Clark. “Retail trade, accommodations and food services, and construction led employment gains. Kentucky has recovered two-thirds of the employment lost in March and April.”
Nonfarm knowledge is supplied by the Bureau of Labor Statistics’ Current Employment Statistics program. According to the survey, employment elevated for 9 of Kentucky’s eleven main nonfarm North American Industry Classification System (NAICS) job sectors in October 2020 whereas two declined.
Kentucky’s leisure and hospitality sector jumped by 3,600 positions from September 2020 to October 2020 for a rise of 1.9 p.c. This sector was down 12,100 jobs or 6 p.c in comparison with October 2019. The lodging and meals companies subsector added 2,400 jobs from September to October whereas the humanities, leisure and recreation subsector elevated by 1,200 jobs.
Employment in Kentucky’s development sector rose by 2,700 jobs in October 2020, a 3.3 p.c enhance from September. The development sector was up 4,200 jobs or 5.2 p.c from one 12 months in the past.
“Construction employment has improved in five of the past six months and was 5.4 percent higher than just before the pandemic,” mentioned Clark.
The skilled and enterprise companies sector gained 2,400 jobs or 1.3 p.c in October 2020. The administration and assist and waste administration subsector added 1,800 positions whereas the skilled, scientific and technical companies subsector elevated by 600 jobs. Job ranges within the administration of corporations subsector had been unchanged. Employment on this sector was down 27,800 or 12.5 p.c since October 2019.
The commerce, transportation and utilities sector elevated by 1,000 jobs in October 2020 or 0.3 p.c. The retail commerce subsector recovered 2,200 jobs in October 2020. The wholesale commerce subsector misplaced 900 positions whereas the transportation, warehousing and utilities subsector misplaced 300 jobs. Since October 2019, employment on this sector was down 17,200 positions or 4.3 p.c.
The monetary actions sector added 900 positions in October 2020. The finance and insurance coverage subsector had 300 extra jobs whereas the actual property, rental and leasing subsector added 600 jobs from September 2020 to October 2020. The sector misplaced 5,200 jobs in comparison with final October.
The authorities sector rose by 500 jobs from September 2020 to October 2020. Federal authorities employment decreased by 1,600 jobs, however these losses had been offset by beneficial properties of 1,500 positions in state authorities and 600 positions in native authorities. Total authorities employment was down 22,800 positions or 7.3 p.c since October 2019.
Employment within the data companies sector was up 300 jobs in October 2020 however was down 3,400 jobs from a 12 months in the past. The industries on this sector embody conventional publishing in addition to software program publishing; movement footage and broadcasting; and telecommunications.
Employment within the different companies sector elevated by 300 jobs in October. This sector was down 800 positions since October 2019. The different companies sector contains repairs and upkeep, private care companies and non secular organizations.
Kentucky’s producers added 200 jobs from September 2020 to October 2020 or 0.1 p.c. Employment in sturdy items manufacturing fell by 500 positions whereas employment in non-durable items manufacturing elevated by 700 positions. Kentucky’s manufacturing employment was down 10,500 jobs since October 2019.
Kentucky’s mining and logging sector fell by 100 jobs from September 2020 to October 2020 and was down 1,800 jobs or 19.6 p.c from a 12 months in the past.
Employment in Kentucky’s instructional and well being companies sector dropped by 900 jobs in October 2020. The employment losses occurred within the instructional companies subsector, which declined by 1,700 positions. Employment within the well being care and social help subsector elevated by 800 jobs from September to October. Since final October, the sector was down 9,700 positions or 3.4 p.c.
Civilian labor pressure statistics embody nonmilitary staff and unemployed Kentuckians who’re actively looking for work. They don’t embody unemployed Kentuckians who haven’t regarded for employment throughout the previous 4 weeks.
Kentucky’s statewide unemployment charge and employment ranges are seasonally adjusted. Employment statistics bear sharp fluctuations resulting from seasonal occasions, equivalent to climate modifications, harvests, holidays and college openings and closings. Seasonal changes eradicate these influences and make it simpler to look at statistical developments. However, as a result of small pattern measurement, county unemployment charges usually are not seasonally adjusted.
To be taught extra about Kentucky labor market data, go to https://kystats.ky.gov/KYLMI.