Although the state’s overall unemployment rate continues to decline, the long-awaited rebound in the offshore sector has yet to show any signs of life.
According to new data from the Bureau of Labor and Statistics, the state unemployment rate dropped to 5.3 percent in July for the first time since September, 2008. At the same time, the mining and logging industry, which includes the oil and gas sector, has seen a decline of 600 jobs for the month. Jobs for the year is down by 2,700.
Other areas, however, are showing promise. Construction gained 1,700 jobs for the month and is up 13,900 jobs for the year at an all-time high employment. Financial activities gained 300 jobs for the month and is up 100 jobs for the year.
Total seasonally adjusted private-sector jobs, when compared to July 2016 figures, increased by 15,400 to 1,661,500, even though the number of seasonally adjusted private-sector jobs decreased by 2,900 jobs from June 2017.
Despite the over-the month decrease, the private-sector has showed job gains in five out of the last eight months.