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Kentucky unemployment rate declines in October

Kentucky's seasonally adjusted preliminary unemployment rate dropped to 6.8 percent in October from 7.1 percent in September, according to www.kypost.com. Kentucky's jobless rate was 5.4 percent in October 2007.

"Retrenchment by consumers, weakness in the automobile industry and fallout from the housing and financial crises continued to weigh on Kentucky's economy in October 2008," says Justine Detzel, chief labor market analyst for the Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet. "The manufacturing, construction, and trade, transportation and utilities sectors particularly were hit hard. The decline in the unemployment rate reflects individuals who have faced long-term unemployment becoming discouraged and dropping out of the labor force."

There were employment increases in October, with Kentucky gaining 2,700 jobs in the government sector; 1,000 in the educational and health services sector; 700 in the services sector; 200 in the natural resources and mining sector; 200 in the financial activities sector; and 200 in the leisure and hospitality sector.

However, there were 4,400 jobs lost in the manufacturing sector; 2,400 in the construction sector; 1,200 in the trade, transportation and utilities sector; 300 in the professional and business services sector; and 100 in the information sector.

The U.S. Bureau of Labor Statistics' monthly estimate of employed Kentucky residents in October was 1,905,975, up 4,260 from September; the monthly estimate for unemployed Kentucky residents was 138,693 in October, down 7,030 from September.

The U.S. seasonally adjusted jobless rate increased from 6.1 percent in September to 6.5 percent in October.

12/19/2008