Chickasaw unemployment remains steady

1STOCK Economic News Pen graphicHOUSTON – For the fourth consecutive month, the unemployment rate in Northeast Mississippi declined, but in Chickasaw County it continues to hover at 11 percent.

Last week, the Mississippi Department of Employment Security released preliminary numbers showing the 16-county region’s jobless rate fell to 8.7 percent in October. Chickasaw County’s jobless rate was the same as last month at 11.4 percent.

The regional rate is the second-lowest this year and only the seventh time since November 2008 the rate has fallen below 9 percent.

Chickasaw County’s jobless rate was the same as last month at 11.4 percent and the county is on track to post an 11.75 percentage for 2013.

Over the past 30 years Chickasaw County has averaged 10.01 percent unemployment with the highest rate recorded in 1990 at 14.2 percent and the lowest in 2000 at 4.8 percent. The highest monthly average in that span was 25.7 percent in May 1986. The lowest unemployment was recorded in May 2000 at 4.2 percent.

Over the past five years unemployment in Chickasaw County has averaged 12.12 percent.

Statewide, the unemployment rate in October was 8.5 percent, matching the August and September rates.

The labor force – the number of people with jobs or actively seeking jobs – fell by 7,000 across the state. That figure has dropped every month this year.

Unemployment of roughly 4 percent is considered very good with an unemployment rate of 6 to 8 percent considered good for a labor-intensive community.

The national unemployment rate in October was 7.3 percent, up from 7.2 percent a month earlier and six-tenths lower than a year earlier.

Peak unemployment statewide reached 145,289 in July 2011, according to the U.S. Bureau of Labor Statistics. There are now more than 36,000 fewer unemployed.

And compared to a year earlier, there were about 13,000 more people employed in October than in October 2012.

State and national numbers are adjusted to cancel out normal seasonal changes, while county numbers are not adjusted.

In Northeast Mississippi, the labor force also fell, helping to shrink the jobless rate in October.

Eleven of the 15 counties posted rates under 10 percent, led by Lafayette (5.9), Union (6.4) and Pontotoc (7.2)

Clay County had the highest unemployment rate in the region and state, at 18.1 percent.

The jobless rate in Northeast Mississippi is averaging 9.6 percent this year, which is two-tenths higher than 2012’s average.

 

Jobless Rate

The Chickasaw County annual average unemployment rate over the past 30 years as compiled by the Mississippi Department of Employment and Security.

 

1983 – 11.1

1984 – 10.5

1985 – 11.2

1986 – 13.4

1987 – 8.7

1988 – 5.8

1989 – 7.1

1990 – 14.2

1991 – 12.7

1992 – 10.2

1993 – 8.7

1994 – 8.4

1995 – 11.6

1996 – 10.3

1997 – 10.4

1998 – 9.2

1999 – 5.4

2000 – 4.8

2001 – 10.2

2002 – 9.9

2003 – 8.9

2004 – 8.4

2005 – 9.5

2006 – 9.2

2007 – 10.2

2008 – 11.2

2009 – 13.2

2010 – 12.8

2011 –12.6

2012 – 11.0

2013 – 11.75*

* (10 month avg.)

 

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