KY’s February 2022 unemployment report released
The U.S. seasonally adjusted jobless rate for February 2022 was 3.8%, down from the 4% reported in January 2022, according to the U.S. Department of Labor
FRANKFORT, Ky. (WTVQ/PRESS RELEASE) —In a release to ABC 36 News, Kentucky’s seasonally adjusted preliminary February 2022 unemployment rate was 4.2%, according to the Kentucky Center for Statistics (KYSTATS), an agency within the Education and Workforce Development Cabinet (EWDC).
The preliminary February 2022 jobless rate was down 0.2 percentage points from the 4.4% reported in January 2022 and down 0.5 percentage points from the 4.7% recorded for the state one year ago.
The U.S. seasonally adjusted jobless rate for February 2022 was 3.8%, down from the 4% reported in January 2022, according to the U.S. Department of Labor.
Labor force statistics, including the unemployment rate, are based upon estimates from the Current Population Survey of households. The survey is designed to measure trends in the number of people working and includes jobs in agriculture and individuals who are self-employed.
Kentucky’s civilian labor force was 2,056,145 in February 2022, an increase of 2,088 individuals from January 2022. The number of people employed in February increased by 6,434 to 1,969,746 while the number of unemployed decreased by 4,346 to 86,399.
“Kentucky extended its recent labor market gains in February with solid increases in the number of people participating in the labor market and the number of people employed,” said University of Kentucky’s Center for Business and Economic Research (CBER) Director Mike Clark, Ph.D. “Despite the gains in labor force participation, Kentucky’s labor market remains tight as employment increases outpaced increases in the labor force at a rate of three to one. This pushed the state’s unemployment rate down to 4.2%.”
In a separate federal survey of business establishments that excludes jobs in agriculture and people who are self-employed, Kentucky’s seasonally adjusted nonfarm employment rose by 11,500 jobs in February 2022 compared to January 2022. Kentucky’s nonfarm employment was up 65,900 jobs or 3.5% compared to February 2021.
“Kentucky saw strong growth in payroll employment across several of its major industrial sectors including government; manufacturing; and trade, transportation and utilities,” said Clark. “The Commonwealth has now recouped 94% of the 296,000 jobs lost during the initial months of the pandemic.”
Nonfarm data is provided by the Bureau of Labor Statistics’ Current Employment Statistics program. According to the survey, employment increased for seven of Kentucky’s 11 major nonfarm North American Industry Classification System (NAICS) job sectors in February 2022 while three declined and one was unchanged.
In the government sector, employment was up by 3,200 jobs from January 2022 to February 2022. The gains occurred in state government employment, which was up 4,000 jobs or 4.6% in February. State government includes state agencies and state educational services. Federal government employment decreased by 300 jobs and local government employment fell by 500 jobs. Total government employment was up 10,600 positions or 3.6% compared to February 2021.
Kentucky’s manufacturing sector bounced back in February, adding 3,100 jobs from January 2022 to February 2022. This represents a gain of 1.3%. The durable goods subsector increased by 1,700 jobs or 1.1% from January to February. Employment in non-durable goods rose by 1,400 positions from January to February. Kentucky’s manufacturing employment was down 900 positions or 0.4% since February 2021.
“After initially recovering many of the jobs lost early in the pandemic, employment in non-durable goods manufacturing actually declined again throughout most of 2021,” said Clark. “However, February’s gains reversed this trend and put non-durable goods manufacturing employment at its highest levels reported since the pandemic began.”
The trade, transportation and utilities sector grew by 2,200 positions from January 2022 to February 2022. Retail trade employment was up 1,100 jobs in February. Wholesale trade lost 200 positions. Transportation, warehousing and utilities added 1,300 jobs. Since February 2021, employment in this sector has increased by 15,600 jobs or 3.8%.
Employment in the professional and business services sector increased by 2,000 jobs or 0.9% in February 2022. Employment increased by 300 jobs in the professional, scientific and technical services subsector and by 100 jobs in the management of companies subsector. The administrative and support and waste management subsector gained 1,600 jobs. Employment in this sector was up 9,400 or 4.3% since February 2021.
Employment in Kentucky’s leisure and hospitality sector grew by 1,600 positions from January 2022 to February 2022, a gain of 0.8%. This sector jumped by 23,800 jobs or 13.8% compared to February 2021. The arts, entertainment and recreation subsector added 300 positions, and the accommodations and food services subsector added 1,300 jobs in February.
The information services sector gained 400 jobs from January to February. The industries in this sector include traditional publishing as well as software publishing; motion pictures and broadcasting; and telecommunications. The number of jobs in this sector was up by 1,500 or 7.4% from one year ago.
Employment in the financial activities sector increased by 200 positions in February 2022. Employment in the finance and insurance subsector was unchanged from January to February, while employment in the real estate, rental and leasing subsector was up 200 jobs. Employment in the financial activities sector was up 100 jobs compared to last February.
The number of jobs in Kentucky’s mining and logging sector did not change from January 2022 to February 2022. Employment in this sector was up 100 jobs compared to one year ago.
Kentucky’s educational and health services sector declined by 300 jobs in February 2022. While the health care and social assistance subsector added 100 positions from January to February, the educational services subsector lost 400 jobs. Since last February, this sector has increased by 4,400 jobs or 1.6%.
Employment in the other services sector fell by 400 jobs in February 2022 but was up 700 positions since February 2021. The other services sector includes repairs and maintenance, personal care services, and religious organizations.
Construction employment dropped by 500 jobs in February 2022, or 0.6% from January. The construction sector was up 600 positions or 0.8% from one year ago.
Civilian labor force statistics include nonmilitary workers and unemployed Kentuckians who are actively seeking work. They do not include unemployed Kentuckians who have not looked for employment within the past four weeks.
Kentucky’s statewide unemployment rate and employment levels are seasonally adjusted. Employment statistics undergo sharp fluctuations due to seasonal events, such as weather changes, harvests, holidays, and school openings and closings. Seasonal adjustments eliminate these influences and make it easier to observe statistical trends. However, due to the small sample size, county unemployment rates are not seasonally adjusted.
To learn more about Kentucky labor market information, visit http://kystats.ky.gov/KYLMI.