Kentucky's jobless rate falls to 6.2 percent in October - WDRB 41 Louisville News

Kentucky's jobless rate falls to 6.2 percent in October

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LOUISVILLE, Ky. (WDRB) -- Kentucky's seasonally adjusted preliminary unemployment rate fell to 6.2 percent in Oct. 2014 from a revised 6.7 percent in Sept. 2014, according to the Office of Employment and Training (OET), a branch of the Kentucky Education and Workforce Development Cabinet.

State officials released the finding on Thursday. That's the lowest rate of unemployment in Kentucky in more than six years.

The latest figures are the single-biggest one-month drop in the unemployment rate since 1976. That was the same year when the current methodology for measuring the rate of unemployment was adopted. 

The figure surpasses last month's record-breaking drop of 0.4 percent and makes the state's 0.9 percent drop in the unemployment rate since August the greatest reduction measured in a two-month time period.

"The last time we saw unemployment rates drop this low was in pre-recessionary times, when it was 6.2 percent in May 2008," said economist Manoj Shanker of the OET. "This is the sixth month of decline in Kentucky's unemployment rate this year."

The preliminary Oct. 2014 jobless rate was two percentage points below the 8.2 percent rate recorded for the state in Oct. 2013.

Kentucky's civilian labor force was 1,996,754 in Oct. 2014, a decline of 5,493 workers compared to September's rate.

Employment rose by 4,305 workers, and the number of unemployed dropped by 9,798.

Kentucky's seasonally adjusted non-farm employment rose by 10,800 jobs in Oct. 2014 from the previous month, and by 37,900 positions since the previous year.

"The trend is definitely going in the right direction," Shanker said. "We haven't seen this magnitude of year-over-year gains in non-farm employment since 2000." Non-farm data is provided by the Bureau of Labor Statistics' Current Employment Statistics program.

Kentucky's statewide unemployment rate and employment levels are seasonally adjusted. Employment statistics are affected by seasonal events, such as weather changes, harvests, holidays and school openings and closings.

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