Alaska Employment: Annual Job Growth Up Slightly in November by 2.4 Percent
Photo Credit: FUNTAP P | DREAMSTIME
Losses of seafood manufacturing, information sector, and retail jobs offset gains in the oil and gas industry, holding the statewide unemployment rate steady for a third month in a row. The Alaska Department of Labor and Workforce Development puts the seasonally adjusted figure for November at 4.6 percent.
Few Fluctuations All Year
The statewide unemployment rate in November compares to the national rate of 4.2 percent, up slightly from the previous two months. Alaska’s rate has remained within a narrow band all year; apart from a bump to 4.7 percent in February, monthly figures have held between 4.5 and 4.6 percent each month, slightly higher than the trend in 2023.
The unadjusted unemployment rate in the Anchorage area rose to 4.2 percent in November. In fact, every region saw month-to-month increases in the unadjusted unemployment rate. The only local decrease was in the Prince of Wales-Hyder census area, down from 7.5 percent in October to 7.3, which is still higher than 6.2 percent a year ago.
The total number of nonfarm jobs in November was 325,000, a drop from a revised 333,300 in October but 7,700 more than a year earlier. The 2.4 percent year-over-year growth was driven by 2.7 percent more jobs in the private sector, while government jobs grew by 1.5 percent. State government added 800 jobs in November compared to a year earlier, for a total of 24,400 (which doesn’t count the UA System).
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The manufacturing sector, largely driven by seafood processing, saw the largest annual percentage drop, losing 500 jobs compared to November 2023, or a loss of 6.6 percent. The information sector lost 100 jobs from a year ago, for another 2.2 percent monthly contraction. The much larger retail sector also shed 100 jobs year-over-year.
The construction sector saw the biggest percentage gain, rising by 2,100 jobs since November 2023, for 12.7 percent growth, despite a 2,000-job seasonal contraction since October. Another 1,000 jobs were added, year over year, in the transportation, warehousing, and utilities sector, for 4.5 percent annual growth.
The oil and gas sector was up by 700 jobs compared to the year before, for 9.2 percent annual growth in November, holding flat from the month before. Those construction jobs were matched by the professional services sector, also growing by 700 year to year. Healthcare was likewise flat from October to November while adding 1,500 jobs since a year earlier, for 3.7 percent annual growth.
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