LSUA News Articles

LSUA’s Central Louisiana Economic Dashboard for October Released

Oct 26, 2022, 08:59 AM
The Louisiana State University of Alexandria College of Business releases its October 2022 issue of the Central Louisiana Economic Dashboard.

The Louisiana State University of Alexandria College of Business releases its October 2022 issue of the Central Louisiana Economic Dashboard. 

“Alexandria’s labor market remained strong in August despite the threat of a slowdown from rising interest rates,” says Randall Dupont, Dean of the LSUA College of Business. According to data from the Louisiana Workforce Commission, July’s preliminary employment level was revised upward from 63,763 to 64,349. Dupont added, “July recorded the sixth post-pandemic high in employment since December."

The Alexandria MSA unemployment rate stood at 3.0% in August, dropping from 3.5% in July. The rate drop occurred despite a decrease of 1,336 in employment in August. Two-thirds of those no longer employed withdrew from the labor force rather than adding to the ranks of the unemployed. “These were most likely summer workers who returned to school in August,” Dupont said. Natchitoches’ unemployment rate fell to 4.1% in August from 4.9% in July.

 

The tight labor market in Alexandria became even tighter in August with five postings for each unemployed in Alexandria in comparison to four in July. The Alexandria MSA remains the tightest labor market in the state as it has since the start of the pandemic.

 

Initial unemployment insurance claims in Louisiana, which had been trending upward since March, reversed in August and continued that reversal in September. Initial claims fell -18% in September from August. The downtrend in continued claims since August accelerated in September with a -10% decline over the prior month.

 

The number of new businesses established in Rapides Parish in September 2022 increased 44% from August and was 9% higher than a year ago. Year-to-date, 317 new businesses have been created in Rapides in 2022, compared to 402 in 2021.

  

The Central Louisiana Economic Dashboard is a service of the LSUA College of Business to help business and community leaders monitor the economic pulse of central Louisiana.   

 

To view the October 2022 CENLA Economic Dashboard, click here

 

Written by Dr. Randall Dupont | LSUA College of Business

Image credit - LSUA Division of Strategic Communications