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Wednesday, April 17, 2019

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State’s unemployment rate jumps

State’s unemployment rate jumps

The Houma-Thibodaux area’s jobless rate jumped to 7.4 percent in June, up from 6.6 percent in May and 6.1 percent in June 2015, according to data from the federal Bureau of Labor Statistics.

The metro area lost 600 jobs from May to June and has lost 4,400 jobs over the year, the Louisiana Workforce Commission reported.

In the last two and a half years, the area's unemployment rate has shot up from 2.8 percent when oil was trading at just over $100 a barrel, double its current price, with nearly 7,000 jobs having been lost.

The numbers show how the persistent decline in oil prices has taken a toll on the local economy. One hundred jobs were reported lost in June in the oil and gas industry, according to the latest report.

Oil exploration and production lost 900 jobs in Houma-Thibodaux over the year and June was the 17th consecutive month with an over-the-year loss, the state reported. About 6,800 people remain employed in the industry.

Support activities for the oil industry declined by 1,000 over the past year, settling in at 5,800, the report said.

Shipbuilding and maritime jobs increased in June by 100 to their current total of 5,600.

A category called "administrative and support services," which officials say includes mostly oilfield-related workers, dropped by 100 jobs to its current 3,500 total.

Total local nonfarm employment in Houma-Thibodaux was estimated at 92,900 for June.

Unemployment rates rose over the month in all of Louisiana’s metropolitan areas.