Alaska Employment: 322,000 Jobs Puts October Unemployment at 4.3 Percent
FUNTAP P | DREAMSTIME
The seasonal number of jobs in Alaska shrank in October, raising the unemployment rate. The Alaska Department of Labor and Workforce Development (DOLWD) puts the seasonally adjusted figure at 4.3 percent, up from 4.1 in September.
Monthly Jobs Down, Yearly Jobs Up
The statewide rate has been hovering near 4 percent since the start of 2022. The comparable national rate rose slightly to 3.9 percent in October.
The unadjusted unemployment rate in the Anchorage area fell in October to 3.6 percent from 3.7 in September. The Southeast region also had 3.6 percent unemployment in October, but that was up from the previous month’s low of 3.3 percent. The state’s Northern region also saw lower unemployment, dropping from 7.1 percent to 7 percent in October. However, every region saw higher rates in October compared to a year earlier.
The total number of jobs in October was higher than a year earlier. DOLWD counts 322,000 compared to 315,500. That annual growth of 6,500 jobs is a 2.1 percent increase.
Current Issue
May 2024
Continuing losses in two industry sectors—information and financial activities—slowed a bit in October. The information sector was flat compared to a year earlier, and financial activities lost 100 jobs year-over-year, which is less than annual decreases of 200 in recent months.
All other industry sectors grew compared to October 2022. The oil and gas sector had the largest percentage growth, 4.2 percent, by adding 300 jobs. Healthcare added 1,400 jobs, with the strongest growth at hospitals. Leisure and hospitality was up by 1,000 jobs over the year, with most growth in restaurants and bars. Professional and business services added 700 jobs.
Government job growth was led by the federal government with an increase of 600. State government was down by 100 jobs, while local government, which includes public schools, was up by 500.
Making History
The track of oil and gas development in Alaska shows the footprints of bold companies and hard-working individuals who shaped the industry in the past and continue to innovate today. The May 2024 issue of Alaska Business explores that history while looking forward to new product development, the energy transition for the fishing fleet, and the ethics of AI tools in business.