The U.S. Bureau of Labor Statistics last week announced that Mississippi’s unemployment rate reached a new record low in April 2023. April’s 3.4% unemployment rate marks the second consecutive month that Mississippi set a new record low.
Scott County bettered the state average posting a 2.2% unemployment rate which was also better than all the surrounding counties with the exception of Rankin which posted a 2.0% unemployment rate. Madison County also posted a 2.2% unemployment rate followed by Smith at 2.4%, Leake at 2.6%, Neshoba at 2.9 %, Newton at 3.0% and Jasper at 3.2%.
The seasonally adjusted unemployment rate for April decreased one-tenth of a percentage point over the month to a new historic low. When compared to one year ago, the rate was three-tenths of a percentage point lower than the 3.7 percent reported for April 2022.
At 1,178,300 jobs, the current number of jobs in Mississippi is the highest number ever recorded in the state. In April 2023, there were 1,400 more nonfarm jobs in Mississippi than in March 2023, according to the seasonally adjusted results from a survey of Mississippi employers. Since April 2022, the number of nonfarm jobs in Mississippi has increased 16,700. Industry sectors registering the largest monthly employment gains were the Trade, Transportation and Utilities sector; and the Educational & Health Services sector.
Seasonally adjusted data removes the effects of events that follow a more or less regular pattern each year such as the influences of weather, holidays, the opening and closing of schools, and other recurring seasonal events. These adjustments make it easier to observe the cyclical and other non-seasonal movements in a data series. Amounts are seasonally adjusted at the National and State levels only.
Mississippi’s not seasonally adjusted unemployment rate for April 2023 was 2.7 percent, decreasing four-tenths of a percentage point from the previous month’s rate of 3.1 percent. When compared to the April 2022 rate of 3.5 percent, the rate decreased eight-tenths of a percentage point. The number of unemployed decreased 4,300 over the month, while the employed total increased 8,800 from the prior month. The Nation’s not seasonally adjusted unemployment rate for April 2023 at 3.1 percent was down five-tenths of a percentage point from 3.6 percent in March 2023 and two-tenths of a percentage point from 3.3 percent in April 2022.
“Reaching a record low unemployment rate in back-to-back months speaks volumes,” said Governor Tate Reeves. “Our education system is thriving, jobs are plentiful, and there are more opportunities than ever before. We’re making historic investments in workforce development and infrastructure and are attracting thousands of high-paying jobs to every region of the state.”
