The Department of Labor released the October unemployment numbers and the Alaska rate remained at 6.8 percent for the third month in a row. Nationally, the rate continues to drop and head back to pre-recession levels. Between 2003 and 2008, the national rate averaged 1.6 percentage points below Alaska’s rate.
As is typical for this time of year, most areas saw an increased unemployment rate due to the summer tourist- season wrapping up for the year. The North Slope Borough had the lowest rate in October and is expected to stay low with winter construction increasing throughout the Borough. Experts predict that Alaska’s unemployment rate will climb through the end of the year and stay above the national average.
Along with the unemployment rate, the Department of Labor also released the employment numbers for the first half of 2014. The average monthly employment in the first half of 2014 was up 0.6 percent over the first half of 2013. Total wages increased 3.0 percent for the same period, when adjusted for inflation.
The private sector held all of the job growth. Construction had an increase of 979 jobs, mostly due to increased activity on the North Slope. The retail sector also saw a large increase with 881 jobs gained in early 2014. Government jobs continued to decrease with federal employment down by 714 and local government losing 441 jobs.
For full details on employment numbers, please visit: http://live.laborstats.alaska.gov/ces/
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