Teche unemployment lower than La., national averages

BY HOLLY LELEUX-THUBRON
THE DAILY IBERIAN
Published/Last Modified on Friday, January 2, 2009 2:08 PM CST

Louisiana continues to buck national trends of steadily increasing unemployment rates, and the Teche Area, with unemployment rates below the state average, is faring even better, according to the November report released by the Louisiana Workforce Commission.

Iberia Parish’s jobless rate increased to 4.3 percent for November, up from 3 percent for the same month last year. Unemployment rates in St. Mary Parish increased over last year, up from 3.5 percent in November 2007 to 4.8 percent in November.

St. Martin Parish jobless rates were 4.2 percent in November, up from 3 percent during the same month in 2007.

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The increases in November’s rate reflect more people in the workforce looking for work, said Patty Granier, labor market analyst for the commission.

“At the end of the year, there are many factors affecting the unemployment rates,” Granier said. “You have recent graduates entering the workforce and people looking to make a little extra money for the holidays. There are typically more unemployed people during this time of the year.”

She also said although the state and the area are doing well in light of the grim national economy, people here are not ignoring what is going on at the national level.

“We do have people worrying about their retirement savings and deciding to work longer before retiring,” she said. “There are also people deciding to come out of retirement in search of more financial stability. These people are also having an impact on unemployment rates.”

Unemployment rates in all three parishes decreased, however, from October’s adjusted rates following suit of the state’s unemployment rate which fell 0.3 percentage points. The federal Bureau of Labor Statistics reported Louisiana was one of only five states with a decrease in unemployment from October to November.

“These are all welcome signs during a period when the economy nationally is struggling,” LWC Executive Director Tim Barfield said. “However, we’re watching the employment picture very closely because we know that the national economy is affecting Louisiana in ways that may not yet be fully reflected in these numbers.”

Granier said most economists agree any unemployment rate at or under 5 percent is considered full employment. She also said when the area had historically low unemployment rates in the past two years, employers reported having more trouble finding the help they need.

Louisiana reported a Nov-ember unemployment rate of 5 percent, up from 3.4 percent for the same month in 2007. The national jobless rate was 6.5 percent in November, up two percentage points from November 2007.

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