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Taylor County sees decrease in unemployment

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Monthly and annual statistics show unemployment dropping locally

By The Staff

 

New statistics from the Kentucky Education and Workforce Development Cabinet show Taylor County experienced an overall drop in unemployment in the year 2017 compared to the year 2016, as well as a decrease in unemployment from March 2017 to March 2018. 

Taylor County’s unemployment fell 0.6 percent from 2016 to 2017, according to the report, which provides unemployment statistics for each county in Kentucky, as well as comparable rates for the state and nation. 

The 2016 unemployment rate in Taylor County was listed as 5.3 percent. The 2017 rate was listed as 4.7 percent. The 2017 rate is tied for second in the Lake Cumberland Area Development District with Casey County. Green County had the lowest unemployment rate in the district, just below Taylor and Casey at 4.6 percent. 

Other nearby counties include Adair County at 6.3 percent, Hardin County at 4.6 percent, LaRue County at 4.8 percent, Marion County at 4.1 percent, Nelson County at 4.4 percent, Washington County at 4.1 percent, Russell County at 7.2 percent, and Hart County at 4.4 percent. 

A new report from the Kentucky Education and Workforce Development Cabinet also shows that Taylor County experienced a 1.3 percent drop in unemployment from March 2018 compared to March 2017. 

Taylor County’s unemployment in March 2017 was at 5.5 percent, but a year later, in March 2018, that number reduced to 4.2 percent, one of the largest decreases in the region. Taylor County also had the lowest unemployment rate in the Lake Cumberland District in March 2018. 

Other nearby counties included Adair at 5.7 percent, Casey County at 4.7 percent, Green County at 4.3 percent, LaRue County at 4.4 percent, Marion County at 3.5 percent, and Washington County at 3.6 percent. 

Taylor County witnessed an increase in the combined labor force, from 11,598 in 2016 to 12,174 in 2017. The number of employed individuals increased from 10,988 to 11,604. The number of unemployed individuals fell from 610 in 2016 to 570 in 2017. 

The latest statistics from the Education and Workforce Development Cabinet continue a positive trend for the unemployment situation in Taylor County. Earlier this month, the cabinet released statistics that showed Taylor County experienced a 1.2 percent drop in unemployment from Feb. 2017 to February 2018. The Feb. 2018 rate was 4.4 percent. A previous report with statistics from Jan. 2017 to Jan. 2018 revealed another drop for unemployment in Taylor County, falling from 5.8 to 3.9 percent. 

Monthly unemployment rates can only be compared to the same month in a prior year to maintain proper accuracy and context. 

The comparable rate for the entire state of Kentucky was 4.9 percent in 2017, a 0.2 percent drop from 2016. The comparable rate for the United States in 2017 was 4.4 percent, a 0.5 percent drop from 2016. 

Annual unemployment rates decreased in 80 counties in 2017, rose in 24 and stayed the same in 16 counties. 

Woodford and Oldham counties had the lowest unemployment in the state at 3.3 and 3.5 percent, respectively. Magoffin and Elliot had the highest unemployment in the state at 15.7 and 10.2 percent, respectively. 

For the monthly rates, each of Kentucky’s 120 counties witnessed a decrease in unemployment. 

In Kentucky, the unemployment rate for March 2018 was 4.4 percent, a 1.1 percent drop from 5.5 percent in March 2017. The U.S. comparable rate for March 2018 was 4.1 percent. 

Unemployment statistics are based on estimates and are compiled to measure trends rather than actually to count people working. Civilian labor force statistics include non-military 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. The statistics are not seasonally adjusted to allow for comparisons between United States, state and counties figures.