Kentucky – On September, Kentucky unemployment rate stroked its lowest levels in 14 years, declining to 5 percent from 5 percent in August.
Since the recession, young professionals and skilled workers have had a hard time finding a job during a tough eight-year period but now looks like the labor market is suffering a dramatic reversal with Kentucky’s unemployment rates going lower than the national average. According to experts, the situation is influenced by the high retirement figures in the U.S. that have employers peeking from a smaller pool of candidates.
“It’s an employee’s market now, not an employer’s market anymore,” said to Courier-Journal Ron Crouch, director of the Workforce Intelligence Branch of the Office of Employment and Training under the Kentucky Education and Workforce Development Cabinet.
Other experts keeping track on employment said the number of jobs has grown significantly since 2011 even though a great amount of the population is closing the 65-years-old stage. In number of jobs, the situation has improved since 2007, when the number of jobs reported across the state was 1,752,264 to later drop by 96,000 jobs to 1,656,122 by the third quarter of 2010. By the end of 2014, however, the numbers of jobs jumped to more than 1.8 million.
Between the sectors mostly contributing to job creation have been mentioned the manufacturing and transportation sector. The state’s manufacturing sector gained 1,600 jobs last month. Since September 2014, the sector had added 6,500 jobs. Retail and wholesale trade together gained 200 jobs over the year, while transportation and warehousing gained 2,300 positions.
But experts are getting concerned about retirement rates increasing as people from the baby boom generation are aging out of the workforce. The overall pool of working-age Kentuckians, for instance, between the ages of 20 to 64, grew by 18,000 between 2010 and 2014 while the over 65 population increased by 76,000, about four times greater growth in raw numbers, Crouch said.
Source: Courier Journal