9 January 2020 (Stu Johnson - WEKU)
The interim director of the University of Kentucky’s Gatton College of Business and Economics said monthly unemployment figures don’t offer a complete picture of the overall economy.
The Kentucky Center for Statistics reports jobless rates rose in 95 counties between November 2018 and this past November. The rate fell in 18 counties and stayed the same in seven. UK Economist Mike Clark noted there’s something to take out of looking at numbers underneath the unemployment rates. “Generally in the state we’re seeing more people are working than in the past. And that the reason the unemployment rate went up is because we’re continuing to see a lot of people who may be sitting on the sidelines, were discouraged workers, who couldn’t find employment in the previous years. These workers seem to be coming back into the labor force,” said Clark.
Clark added that indicates a likely tighter labor market this year. He noted there could be job growth in Kentucky counties, but just at a slower pace.