Louisiana’s job market has shown signs of modest improvement, with the unemployment rate dropping to 4.3% in November 2023, according to the U.S. Bureau of Labor Statistics. This figure positions Louisiana 33rd among the 50 states, slightly lower than the national average of 4.6%. The number of unemployed residents decreased to 88,684, down from 96,134 a year prior, while the state’s labor force remained relatively stable at approximately 2.08 million.
Douglas White, an economics instructor and director of the Center for Business and Economic Research at LSU Shreveport, characterized the current economic landscape as “muddling through.” He noted that despite the lack of strong growth, there has not been a significant contraction either. “We’ve been bouncing between 4% and 5% for about the last 18 months,” White explained.
The state’s unemployment rate had previously dipped to nearly 3% in late 2022, a level considered unsustainable by many economists. The latest employment report was particularly informative, as it provided year-over-year comparisons rather than the typical month-to-month data, following delays caused by a federal government shutdown last fall.
Economic Indicators Reflect Broader Trends
Beyond employment figures, other economic indicators in Louisiana are showing strength. The state’s real gross domestic product (GDP) grew at an annual rate of 4% in the second quarter of 2023, surpassing the national average. Personal income also experienced a notable increase, rising at a 6.8% annual rate.
These figures come on the heels of significant investments in the area, including a $10 billion data center project by Meta in Richland Parish and Hut 8’s planned $10 billion AI data center campus in West Feliciana Parish. Additionally, Woodside Energy recently made a $17.5 billion final investment decision for a liquefied natural gas facility, and Hyundai Steel announced plans for a nearly $6 billion mill in Ascension Parish.
While these large-scale projects generate significant media attention, White cautioned against assuming they will immediately lead to broader labor market changes. He pointed out that the labor force has grown over the past year without an accompanying rise in the unemployment rate, indicating that more individuals are entering the job market rather than exiting it.
The latest jobs data suggests that Louisiana is navigating a complex economic landscape, reflecting both local developments and broader trends. As the state continues to attract substantial investments, the effects on employment and economic stability will be closely monitored in the coming months.
