February Unemployment Rate Continues Downward Trend
FUNTAP P | DREAMSTIME
A downward trend in Alaska’s unemployment rate continued as 2022 began. The Alaska Department of Labor and Workforce Development puts the seasonally adjusted figure for February at 5.4 percent, down from 5.7 in December.
Faster Improvement than Nationally
The rate in Alaska remains above the national rate of 3.8 percent, down from 3.9 percent in December.
The department spent the month of February compiling annual data, which is why the report skips over monthly figures for January.
The unadjusted rate in Anchorage and the Matanuska-Susitna Borough was a combined 5 percent, up slightly from December. Unemployment in the Interior also rose slightly to 5.4 percent, and Southeast Alaska was up to 5.6 percent. In each case, though, the February rates are lower than January’s, which saw a spike in unemployment claims with the new year.
Total number of jobs increased 2.4 percent since February 2021, with 7,100 more Alaskans employed. That figure is still 13,500 below February 2020, just before COVID-19 arrived in the state.
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May 2024
The leisure and hospitality sector had 2,600 more jobs than last February but 3,300 fewer than February 2020. The trade, transportation, and utilities sector was up by 1,800 jobs year over year. The 7,200 jobs in the oil and gas sector were 700 more than year-ago levels but 3,000 less than in 2020.
Local government was up by 900 jobs but down 1,400 from February 2020, mainly in public education. State government employment fell 500 below last year’s level and was 500 short of 2020. Total state government employment fell over the year with the phase-out of temporary pandemic-related positions. Federal employment was down 100 from February 2021 and 200 below 2020.
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.