Louisiana’s job market is showing signs of modest improvement, with the unemployment rate decreasing to 4.3% in November 2023. This figure positions Louisiana as tied for 33rd among the fifty states and is notably lower than the national unemployment rate of 4.6%, as reported by the U.S. Bureau of Labor Statistics. The number of unemployed individuals in the state has dropped to 88,684, down from 96,134 a year prior. Meanwhile, the labor force has remained stable, with approximately 2.08 million individuals employed.
Economist Douglas White, who serves as an instructor and director of the Center for Business and Economic Research at LSU Shreveport, remarked that these latest figures illustrate a broader trend. “I’ve heard the phrase ‘muddling through’ – that there doesn’t seem to be strong growth, but there also doesn’t seem to be any kind of real contraction going on,” White stated. He noted that Louisiana’s unemployment rate has fluctuated between 4% and 5% over the past eighteen months. Although the rate dipped to nearly 3% in late 2022, most economists considered this level unsustainable.
The November report, released after a federal government shutdown delayed the October data, focuses on year-over-year comparisons rather than monthly changes. Beyond employment statistics, other economic indicators show strength. Louisiana’s real gross domestic product (GDP) increased at an annual rate of 4% in the second quarter of 2023, surpassing the national average. Additionally, personal income in the state grew at a rate of 6.8%, also exceeding national figures.
Several significant investments have contributed to this economic growth. Notable announcements include Meta’s plans for a $10 billion data center in Richland Parish, Hut 8’s proposed $10 billion AI data center campus in West Feliciana Parish, Woodside Energy’s $17.5 billion investment in a liquefied natural gas facility, and Hyundai Steel’s nearly $6 billion mill in Ascension Parish.
While these large-scale projects generate headlines, White cautioned that they do not always translate into immediate, widespread changes in the labor market. However, the state’s labor force has expanded over the past year without a corresponding rise in the unemployment rate, indicating that more individuals are entering the workforce rather than exiting it.
As Louisiana navigates its economic landscape, the latest job and economic indicators suggest a period of cautious optimism. The state appears to be stabilizing, albeit without the robust growth some may hope for.