Alaska Employment: 313,600 Jobs Puts February Unemployment at 4.7 Percent
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An increase of more than 8,000 jobs compared to a year before couldn’t keep the state’s unemployment rate from rising. The Alaska Department of Labor and Workforce Development puts the seasonally adjusted figure for February at 4.7 percent. A year earlier, the rate was 3.9 percent.
2.6 Percent Job Growth
The statewide rate in February compares to the national rate of 3.9 percent. Despite increasing for the last several months, the statewide rate remains relatively low. Unemployment rates were typically higher than 6 percent prior to the oil price crash of 2014.
The unadjusted unemployment rate in the Anchorage area rose to 4.9 percent in February, up from January’s 4.5. Still, Anchorage and Matanuska-Susitna Borough had the lowest unemployment of any region.
The total number of nonfarm jobs in February was 322,100, much higher than January’s 315,300, which was closer to the level from February 2023. The 8,200 jobs added in the past year represent growth of 2.6 percent. Private sector employment grew by 2.9 percent since last year, outpacing government job growth of 1.8 percent.
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The only industry sectors to lose jobs year-over-year were manufacturing, down by 300 jobs or 2.5 percent, and leisure and hospitality, down 400 jobs or 1.3 percent. The information services sector was flat for the year, holding at 4,600 jobs.
The biggest percentage gain was in the Construction category, with 1,900 more jobs than February 2023 representing 13.3 percent growth. The healthcare and transportation, warehousing, and utilities sectors both saw annual increases of more than 1,000 jobs, too.
Although Alaska ranks among the states with the largest year-over-year unemployment rate increases in February, the percentage increase in nonfarm jobs is among the fastest growth rates. Only Nevada added a greater percentage of jobs since February 2023, with 3.4 percent growth, yet Nevada’s 5.2 percent unemployment rate last month was the second highest of any state, surpassed only by California’s 5.3 percent.
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