Mississippi’s employment outlook appears to be gaining momentum with the latest data from the U.S. Bureau of Labor Statistics showing consistent employment growth for the last several months.
The chart shows monthly employment in Mississippi from January 2008 to June 2013. After tepid job growth in 2011 and 2012, the state has added 15,000 jobs since January and overall employment has risen for the last 6 months.
The job gains have allowed the state’s overall employment to advance toward the previous pre-recession peak. In June, overall employment was 32,500 jobs below the state’s pre-recession high compared to being down by 62,000 jobs one year ago. The University Research Center at the Institutions of Higher Learning predicts that it will be 2015 before the previous employment high is achieved.
The financial services sector has accounted for the largest year over year job growth followed by the hospitality sector and construction sector.
Even with noteworthy job growth, Mississippi’s unemployment rate continues to exceed the national unemployment rate. In June, Mississippi’s unemployment rate registered at 9% compared to the nation’s 7.6%. Only two states – Nevada and Illinois- reported higher unemployment last month.
The chart tracks the state and national unemployment rate though the recession and after. The state’s rate has surpassed the nation’s since late 2009. Mississippi’s unemployment rate was above 10% for 28 straight months from September 2009 to December 2011.
Consistent, substantial job growth is a positive sign for Mississippi’s workers, families and economy. However, unemployment rates indicate that there are still many job seekers statewide that continue to search for work. As jobs are added, it will provide much needed revenue to re-invest in the underfunded structures that advance Mississippi’s workers and their families. Funding for Higher education, K-12 education, and Medicaid expansion are just a few of the critical priorities that need investments to great a more prosperous future for our residents and workforce.
Source: Economic Policy Institute. June 2013 Job Watch Data.
Sarah Welker, Policy Analyst
