Unsurprisingly, Kentucky’s Unemployment Rate Rises In October

(Once again we’re swiping this classic image by Margaret Bourke-White from www.masters-of-photography.com)

Business First of Louisville is reporting this afternoon that Kentucky’s unemployment rate rose to 6.8 percent, up from 5.4 percent a year ago. This comes as no big shock considering the overall beating the U.S. economy has taken over the past few months. That said, there is a miniscule bit of slightly better news in the story:

However, October’s unemployment rate declined from 7.1 percent in September.

The U.S. seasonally adjusted unemployment increased to 6.5 percent in October, from 6.1 percent in September.

“Retrenchment by consumers, weakness in the automobile industry and fallout from the housing and financial crises continued to weight on Kentucky’s economy in October 2008,” OET chief labor market analyst Justine Detzel said in a news release. “The manufacturing, construction and trade, transportation and utilities sectors were particularly hit hard.”

According to OET statistics, the largest growth area has been the government sector, which includes public education, public administration and state-owned hospitals. It gained 2,700 positions between September and October, and 10,000 jobs between October 2007 and October 2008.

The largest decline has come in the manufacturing sector, which lost 4,400 jobs in October, and has lost 15,500 jobs between September 2007 and October 2008, the OET said in the release.

While a .3 percent improvement from September isn’t phenomenal, it’s about all one could hope for right now.


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