Learn About the Alaska Unemployment Rate
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Unemployment rates within the United States measure the current amount of workers who are jobless in comparison with the total amount of workers in the labor force. Understandably also called the jobless rate, this number is calculated as a percentage and is recorded on a monthly basis on a state level as well as for the entire country. The unemployment rate is a great resource to measure the overall economy of the state, as well as determine whether a state is within a period of recession. In order to figure out the currently percentage, the total number of unemployed workers is divided by the total number of workers in the labor force.
What is the unemployment rate in Alaska?
For those wondering, “What is the unemployment rate in Alaska?” the answer is 6.6 percent as of 2017. Alaska has the second-highest jobless rate in the country unfortunately. Comparatively, the overall unemployment rate in the U.S. is around 4.4 percent in 2017. The reason behind such a high unemployment rate in Alaska is due largely in part to the amount of jobs that were lost within the Alaskan economy in the past year or so. The sectors that were hit the hardest in terms of job loss included the oil, gas, mining and logging sectors. The Department of Labor and Workforce Development saw an overall decline of 19.7 percent from their 2016 employment numbers. As of December 2016, Alaska declared a statewide recession due to the decline in jobs in addition to the crashing oil prices. The projection for such a high unemployment rate in Alaska and the current recession is around three years.
However, for those individuals who are finding difficulty with unemployment in the state of Alaska, there may be a solution. Unemployment insurance benefits in Alaska are available to those who are eligible. Each state varies in terms of eligibility requirements, so understanding the application process for Alaska is integral prior to applying. For example, Alaska uses a base period of 18 months to determine eligibility, and within those 18 months, an individual must have earned at least a total gross income of $2,500 over two calendar quarters.