Kentucky Unemployment Rate
The unemployment rate in the United States is a measure of the jobless people within the labor force. The jobless rate, represented through a percentage, is figured out through a simple mathematical equation, with data acquired from two separate surveys completed by the Bureau of Labor Statistics. This jobless rate is calculated every month and represents the amount of people who remain jobless, who have entered or left the work force, as well as how many jobs have been added or lost within each sector. The Bureau of Labor Statistics considers individuals older than 16 years of age who are unemployed through no fault of their own, but are actively able to work if hired. Understanding the jobless rate is an important part of staying in tune with the state-to-state economic standings, as well as the nation as a whole. The jobless rate can be a determining factor regarding declaration of a recession, or whether budgetary allowances, such as unemployment insurance benefits, are considered within each state.
What is the unemployment rate in Kentucky?
What is the unemployment rate in Kentucky and how has it changed over the years? As of May 2017, the unemployment rate in Kentucky came in at 5 percent, which is higher than the national average of 4.3 percent. The good news is, the unemployment rate in Kentucky has been on an overall decline since 2009, when the rate was 10.9 percent. However, there has been an increase over the last few months, as in December 2016 the unemployment rate in Kentucky was at 4.8 percent. What these statistics mean is that there has been more job growth within the state of Kentucky, as well as more workers leaving the labor force or unemployed workers finding employment.
For those who still remain unemployed or have difficulty finding employment, there are other options. Unemployment insurance benefits are available for qualified individuals who seek financial assistance from the state. Kentucky maintains specific eligibility requirements, so it is important to understand eligibility prior to the application process.