Unemployment Rate Down Slightly in July
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Alaska’s unemployment rate dropped slightly in July, down one-tenth of a percentage point from June. The Alaska Department of Labor and Workforce Development puts the seasonally adjusted figure at 4.5 percent.
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The rate in Alaska remains above the national rate of 3.5 percent, which likewise was a slight dip after three flat months.
The unadjusted rate in Anchorage and the Matanuska-Susitna Borough was a combined 4 percent, the same figure as the Interior. Southeast Alaska dropped to 3.5 percent. Fishing season in Dillingham and the Lake and Peninsula Borough gave the Southwest region the state’s biggest monthly drop, from 8.4 to 7 percent.
Total number of jobs increased 3 percent since July 2021, with 9,900 more Alaskans employed than a year earlier. That figure is a bigger improvement than the month before, yet still 14,100 jobs below July 2019.
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June 2023
The leisure and hospitality sector had the strongest year-over-year growth, up 10.3 percent, but the 40,700 total jobs are still 3,700 less than in July 2019. Transportation, warehousing, and utilities saw 4.6 percent growth in jobs year-over-year, with 2,900 added since July 2021, yet that sector remains 3,300 jobs below July 2019. The oil and gas sector is 2,600 jobs down from 2019.
The Department of Labor points to a few sectors that have recovered to their pre-pandemic employment: construction, education, healthcare, wholesale trade, and the federal government.
This year the Alaska Railroad is celebrating 100 years of transportation people and cargo around Alaska. While the railroad is one of the states oldest transporters, it certainly isn’t the only one, and in this issue of Alaska Business we also check in on the Marine Highway, Span Alaska, and the White Pass & Yukon Route. For those interested in Southeast, our focus on that region provides updates on Kensington Mine, Tongass FCU, the troll fishery, and Juneau’s growing landfill.