Mississippi jobless rate lowest in 8 years

JACKSON - Mississippi’s unemployment rate fell below 6 percent in October for the first time since late 2007, as more people reported finding jobs.

The jobless rate fell to 5.9 percent from 6.1 percent in September, and was below October 2014’s 7.3 percent rate.

The number of unemployed people fell even as the labor force grew, indicating the job market provided more new jobs than there were new job-seekers.

There were 75,000 Mississippians unemployed in October, down 2,000 from September and 14,000 below October 2014.

Unemployment rates fell in 32 states in October, rose in three and were flat in 15. West Virginia, at 6.9 percent, had the highest unemployment rate among the states, while Mississippi’s rate tied for seventh-highest. North Dakota had the lowest, at 2.8 percent.

The national unemployment rate fell to 5 percent in October from 5.1 percent in September. It was down from 5.7 percent a year ago.

The unemployment rate is calculated by a survey asking how many people are looking for a job. A second survey asks employers how many people are on their payrolls, a measure many economists use as their top labor market indicator. Both sets of figures — adjusted to cancel out seasonal changes — were released Friday by the U.S. Labor Department.

Mississippi payrolls were flat in October. Gains in trade, transportation and utilities; financial activities; construction and manufacturing were canceled out by losses in professional and business services, government, education and health services and leisure and hospitality.

Payrolls in October were about 8,000 higher than a year before, but Mississippi has 2.6 percent fewer payroll employees now compared with its all-time high in February 2008.

The broadest measure of those who are unemployed averaged 12.3 percent in Mississippi for the year ending in September, the most recent figures released. That includes people who look for work only sporadically, who have given up looking, or who work part time because they can’t find a full-time job.

By the numbers

Jobless rate fell to 5.9% from 6.1% in September, and was below October 2014’s 7.3% rate.

75,000 Mississippians unemployed in October, down 2,0000 from September and 14,000 below October 2014.

Unemployment rates fell in 32 states in October, rose in three and were flat in 15. West Virginia, at 6.9%, had the highest unemployment rate among the states, while Mississippi’s rate tied for seventh-highest. North Dakota had the lowest, at 2.8%.

National unemployment rate fell to 5% in October from 5.1% in September. It was down from 5.7%. a year ago.