FRANKFORT, Ky. (July 18, 2024) — Kentucky’s seasonally adjusted preliminary June 2024 unemployment rate was 4.6%, according to the Kentucky Center for Statistics (KYSTATS), an agency within the Kentucky Education and Labor Cabinet.
The preliminary June 2024 jobless rate was unchanged from May 2024 and up 0.5 percentage points from one year ago.
The U.S. seasonally adjusted jobless rate for June 2024 was 4.1%, which was up from the 4% recorded for May 2024, according to the U.S. Department of Labor.
Labor force statistics, including the unemployment rate, are based upon estimates from the Current Population Survey of households. The survey is designed to measure trends in the number of people working and includes jobs in agriculture and individuals who are self-employed.
Kentucky’s civilian labor force was 2,047,682 in June 2024, an increase of 6,945 individuals from May 2024. The number of people employed in June increased by 6,868 to 1,952,975 while the number unemployed increased by 77 to 94,707.
“Kentucky labor force continued to grow in June,” said University of Kentucky’s Center for Business and Economic Research (CBER) Director Mike Clark, Ph.D. “While more people entering the labor force might be expected to push the unemployment rate up as more workers compete for jobs, the commonwealth’s unemployment rate has held steady at 4.6% for the third month. This occurred because people are finding work at roughly the same rate as they are entering the workforce.”
In a separate federal survey of business establishments that excludes jobs in agriculture and people who are self-employed, Kentucky’s seasonally adjusted nonfarm employment increased by 2,100 jobs to 2,044,900 in June 2024 compared to May 2024. Kentucky’s nonfarm employment was up 25,700 jobs or 1.3% compared to June 2023.
“Kentucky’s employers continued adding workers to their payrolls in June,” said Clark. “While the rate of job growth did slow from recent months, month-to-month employment changes are fairly volatile. So, this does not necessarily reflect a change in the trend.”
Nonfarm data is provided by the Bureau of Labor Statistics’ Current Employment Statistics program. According to the survey, employment increased for five of Kentucky’s major nonfarm North American Industry Classification System (NAICS) job sectors in June 2024, decreased for five, and was unchanged for one.
The educational and health services sector rose by 2,000 positions in June 2024. Employment in the health care and social assistance subsector increased by 1,600 jobs from May to June. The educational services subsector gained 400 jobs. Since last June, this sector has grown by 17,000 jobs or 5.6%.
Employment in the trade, transportation and utilities sector increased by 1,600 positions from May to June but was down 1,100 jobs or 0.3% compared to a year ago. In June, the wholesale trade subsector added 500 jobs; transportation, warehousing and utilities subsector added 600 jobs; and the retail trade subsector added 500 jobs.
The other services sector was up by 400 jobs from May to June. This sector had 1,500 more positions in June 2024 compared to June 2023. This sector includes repairs and maintenance, personal care services and religious organizations.
Kentucky’s manufacturing sector increased by 200 jobs from May 2024 to June 2024. The durable goods manufacturing subsector lost 100 positions, but these loses were more than offset by a gain of 300 jobs in the non-durable goods subsector. Kentucky’s manufacturing employment was down 1,100 positions or 0.4% compared to June 2023.
Jobs in the financial activities sector rose by 100 positions from May 2024 to June 2024 and was down 1,200 jobs from June 2023. All these gains occurred in the real estate, rental and leasing subsector. Employment in the finance and insurance subsector was unchanged.
Employment in Kentucky’s information services sector did not change from May to June. The industries in this sector include traditional publishing as well as software publishing; motion pictures and broadcasting; and telecommunications. The number of jobs in this sector was down 1,000 from one year ago.
The number of jobs in the state’s mining and logging sector was down 100 from May to June. This sector had 600 more jobs in June 2024 compared to June 2023.
Employment in Kentucky’s professional and business services sector fell by 200 jobs or 0.1% in June 2024. From May to June, employment rose by 600 jobs in the professional, scientific and technical services subsector; fell by 100 jobs in the management of companies subsector; and fell by 700 jobs in the administrative, support and waste management subsector. The sector was up 1,100 positions compared to June 2023.
Construction employment was down 300 jobs or 0.3% from May 2024 to June 2024 and up 3,700 positions or 4.1% from one year ago.
Employment in the government sector dropped by 500 jobs from May 2024 to June 2024. The number of jobs decreased by 100 in federal government; increased by 200 in state government; and decreased by 600 in local government. The total number of government jobs rose by 4,600 positions or 1.5% compared to June 2023.
The leisure and hospitality sector lost 1,100 positions in June, a decline of 0.5%. This sector reported 1,600 more jobs in June than one year ago. The accommodations and food services subsector was down by 800 positions in June. The arts, entertainment and recreation subsector decreased by 300 jobs from May to June.
Civilian labor force statistics include nonmilitary workers and unemployed Kentuckians who are actively seeking work. They do not include unemployed Kentuckians who have not looked for employment within the past four weeks.
Kentucky’s statewide unemployment rate and employment levels are seasonally adjusted. Employment statistics undergo sharp fluctuations due to seasonal events, such as weather changes, harvests, holidays, and school openings and closings. Seasonal adjustments eliminate these influences and make it easier to observe statistical trends. However, due to the small sample size, county unemployment rates are not seasonally adjusted.
Visit the Kentucky Center for Statistics website to learn more about Kentucky labor market information.
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