Unemployment rate 2 300KENTUCKY (11/15/12) – Kentucky’s seasonally adjusted preliminary unemployment rate remained steady at 8.4 percent from September 2012 to October 2012, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.
The preliminary October 2012 jobless rate was .9 percentage points below the 9.3 percent rate recorded for the state in October 2011.
The U.S. seasonally adjusted jobless rate fell to 7.9 percent in October 2012 from 7.8 percent in September 2012, according to the U.S. Department of Labor.
Labor force statistics, including the unemployment rate, are based on estimates and are compiled to measure trends rather than actually to count people working.
In October 2012, Kentucky’s civilian labor force was 2,084,019, an increase of 10,539 individuals compared to the previous month, and employment also grew at about the same pace with the addition of 10,310 jobs.
“Historically, this is the highest recorded monthly gain in both employment and in the labor force, but it’s important to recognize that it’s a statistical spike, an anomaly,” said economist Manoj Shanker of the OET. “When the data is averaged over three months it shows that Kentucky’s employment took a definite positive turn starting in September 2011 and continues to grow steadily.”
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 lost 6,600 jobs in October 2012 from the previous month. On an over-the-year basis, the state’s nonfarm employment has grown by 2 percent with the addition of 35,700 jobs.
“It is important not to read too much into a one-month decline, especially when it occurs after 16 months of steady growth,” said Shanker.
Nonfarm data is provided by the Bureau of Labor Statistics’ Current Employment Statistics program. According to this survey, two of Kentucky’s 11 major nonfarm North American Industry Classification System (NAICS) job sectors registered gains in employment, while eight declined and one remained the same.
Kentucky’s educational and health services sector grew by 1,500 jobs in October 2012. The sector has posted a gain of 1,800 jobs since October 2011.
“Health care jobs account for nearly 90 percent of employment in this sector and continue to be a major source of growth,” Shanker said.
The financial activities sector rose by 500 jobs in October 2012. Compared to October a year ago businesses involved in finance, insurance, real estate and property leasing added 1,500 jobs.
Kentucky’s manufacturing sector remained flat in October 2012 compared to the previous month. Since October 2011, employment in manufacturing has increased by 4,500 jobs or 2.1 percent.
The number of jobs in the other services sector, which includes repairs and maintenance, personal care services, and religious organizations, declined by 200 in October 2012. Compared to a year ago, there has been a gain of 800 jobs.
The information sector dropped by 400 jobs in October 2012. This segment has 700 more positions compared to October 2011. The industries in this sector include traditional publishing as well as software publishing; motion pictures and broadcasting; and telecommunications.
Employment in the mining and logging sector declined by 600 positions in October 2012. The number of jobs in this sector has dropped by 1,600 or 7.2 percent since last October.
“The United States is on track to becoming the biggest energy producer in the world by 2020, but coal seems to be playing an ever smaller role in that equation,” Shanker said. “Employment in coal mining has declined steadily in the face of competition from low-cost natural gas.”
The leisure and hospitality sector fell by 900 jobs in October 2012. Since October 2011, the sector has grown by 7,700 positions. This sector includes arts, entertainment, recreation, accommodation and food services.
The construction sector lost 1,400 positions in October 2012 from a month ago. Since October 2011, employment in construction has fallen by 2,100 positions or 3.2 percent.
“The housing market continues to be overstocked in Kentucky, and employment will be flat at best until the backlog in cleared,” said Shanker.
Kentucky’s professional and business services sector shrunk by 1,500 jobs in October 2012. This category includes establishments engaged in services that support the day-to-day activities of other organizations, including temporary employment services. Since last October, jobs in the sector have increased by 14,600 or 7.6 percent.
The government sector, which includes public education, public administration agencies and state-owned hospitals, decreased by 1,600 jobs in October 2012. The sector had 200 more jobs compared to October 2011.
Kentucky’s trade, transportation and utilities sector lost 2,000 jobs in October 2012. This is the largest sector in Kentucky with 374,200 positions, and accounts for about 20 percent of nonfarm employment. Since October 2011, jobs in this sector have increased by 7,600 or 2.1 percent.
“The sudden decline in trade and transportation is almost entirely from a contraction in retail sales employment. This reflects pay-back after stronger than usual hiring in September when retail employment was up by over 2 percent with the addition of 4,300 jobs,” said Shanker.
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. However, because of the small sample size, county unemployment rates are not seasonally adjusted.
SurfKY News
Information provided by the KY Education and Workforce Development Cabinet

e-max.it: your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

Weather Sponsored by

1 DOW 17,798.49
-14.90 (-0.08%)    
2 S&P 2,090.11
+1.24 (0.06%)    
3 NASDAQ 5,127.52
+11.38 (0.22%)    

Stock Report Sponsored by

In Other News...

Happenings, Meetings Listed for Following Week

HOPKINS COUNTY, Ky. (11/28/15) ― The following happenings and meeting are scheduled for Hopkins County. • Glema Mahr… Read More

Local Teen Hospitalized after Officer-Involved Shooting

MADISONVILLE, Ky. (11/28/15) ― Kentucky State Police Post 2 in Madisonville is investigating an officer involved… Read More

Most Read This Week

November 24, 2015 10238

Distillery to Operate in Old Graham School…

by SurfKY News
November 21, 2015 8912

Injuries Result from Beulah Road Accident

by Doreen Dennis, SurfKY News
November 23, 2015 7768

Relative Charged with Murder, Arson in Deaths of…

by SurfKY News
November 24, 2015 4878

Ohio County Most Wanted - Top 10 - November 24

by SurfKY News
November 24, 2015 3447

Man Injured When Vehicle Collides with Deer

by SurfKY News

Most Read This Month

November 17, 2015 16360

Ohio County Most Wanted - Top 10 - November 17

by SurfKY News
November 18, 2015 14590

Runaway Teen Returns on His Own

by SurfKY News

Stories Trending Now

November 27, 2015 3105

Madisonville Man Charged with Attempted Murder…

by SurfKY News
November 28, 2015 2964

Woman Charged with Counterfeit Money Leads to…

by SurfKY News
November 28, 2015 2851

Local Teen Hospitalized after Officer-Involved…

by Doreen Dennis, SurfKY News
November 28, 2015 2193

KSP Arrests Ohio Co. Man on Drug Charges

by SurfKY News
November 27, 2015 1643

First United Bancorp Set to Purchase Town &…

by SurfKY News
November 27, 2015 1186

Farm City Breakfast Recognizes Importance of…

by Tammy Holloway, SurfKY News
November 27, 2015 1116

Hooked on Science - Pinecone Hygrometer

by SurfKY News
November 27, 2015 891

Webster County Man Injured in Two-Vehicle Crash

by SurfKY News
November 27, 2015 807

Salvation Army Rings in Official Christmas…

by Tammy Holloway, SurfKY News