Alaska Employment: Annual Job Growth Up Slightly in October by 2.1 Percent
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Losses of seafood manufacturing jobs offset gains in the construction sector, holding the statewide unemployment rate steady from September to October. The Alaska Department of Labor and Workforce Development puts the seasonally adjusted figure at 4.6 percent.
Constrained to Narrow Band
The statewide unemployment rate in October compares to the national rate of 4.1 percent, likewise unchanged from the month before. 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 3.9 percent in October. In fact, every region saw month-to-month increases in the unadjusted unemployment rate. The seasonal swing pushed the Denali Borough from 2.8 percent in September to 8.3 percent in October, which was still significantly lower than 9.9 percent a year earlier.
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The total number of nonfarm jobs in October was 332,700, a steep drop from a revised 347,400 in September but 7,000 more than a year earlier. The 2.1 percent year-over-year growth was driven by 2.5 percent more jobs in the private sector, while government jobs grew by 1 percent.
The manufacturing sector, largely driven by seafood processing, saw the largest annual percentage drop, losing 600 jobs compared to October 2023, or a loss of 5.9 percent. The information sector lost 100 jobs from a year ago, for a 2.2 percent monthly contraction. The much larger retail sector also shed 100 jobs year-over-year.
The oil and gas sector saw the biggest percentage gain, rising by 200 jobs since September and 900 from October 2023, for 11.8 percent growth. Another 900 jobs were added, year over year, in the transportation, warehousing, and utilities sector, for 3.8 percent annual growth.
The construction sector was up by 1,800 jobs compared to the year before, for 9.7 percent annual growth in October despite shedding 1,000 jobs since September. Those construction jobs, largely attributed to federally funded infrastructure and North Slope oil and gas projects, outpaced strong growth in healthcare, adding another 1,700 jobs year-over-year, for 4.2 percent annual growth.
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