Posted on 09/29/2004 12:58:54 PM PDT by uncitizen
Compared to overall state unemployment rates, South Mississippi should be smiling.
“Generally speaking, the area is in great shape with unemployment rates for the region this year averaging about 4 percent,” said Bill McNeece, state labor market analyst.
The latest monthly unemployment rates (June) were 4.4 percent for the region, 4.2 percent for Hancock County and 4.4 percent for both Harrison and Jackson counties. The rate in Forrest County was 4.9 percent. George County’s rate was 9 percent.
These rates were lower than the June 2003 rates, which were 6 percent for the area and 4.8, 5.1 and 7.3 for Hancock, Harrison and Jackson counties, respectively, and 5.2 and 14.1 for Forrest and George counties, respectively.
The current Coast rates were about a point and a half better than statewide and roughly on par with other metropolitan areas across the state.
There are several factors that have led to this on the Coast.
“The area has a solid base of government employment, which tends to be recession-proof,” said McNeece. “It is also a major retail center and home to a myriad of tourism-related industries. When the overall national economy is improving or stable, these industries generally do well – such has been the case for the past few years.”
There is no way of predicting how rates will fare in coming months, but there are some key factors that could affect future unemployment rates.
“Higher gas prices could mean less travel and, therefore, fewer visitors to the Coast’s recreational activities,” said McNeece. “Higher interest rates could slow down construction. Such things could put a damper on economic stability for the region, but there is just no way to discern which of these may or may not come true.”
According to McNeece, over the short term, the fastest growing employment sector is accommodation and food services, which includes casinos and their hotels, as well as all types of restaurants.
“Just part of the national trend of eating out more and looking for entertainment, would be my guess as why,” said McNeece. “Over the long-term, these same service industries would be among the leaders, but would also be joined by construction and retail trade. The construction gains could be traced largely to the building of casinos, restaurants and shopping areas. Retail trade increases are just a reflection of a growing population.”
With a long-term national trend towards automation and relocation of assembly jobs overseas being the culprit, manufacturing is the sector in decline, according to McNeece. He estimates that roughly 8,000 manufacturing jobs have been lost on the Coast since 1990. Almost all other industry sectors have shown positive growth.
In a press release issued by the Mississippi Department of Employment Security (MDES) June 29, the state’s unemployment rate went up 0.5 of a percentage point to 6.1 percent. The number of persons unemployed in Mississippi increased by 6,500 and the number of employed persons rose by 500. The adjusted rate for the nation rose from 5.3 to 5.8 percent while the seasonally adjusted rate showed no change from May’s rate.
Though the Coast saw a 0.2 percentage increase from 4.2 in May to 4.4 in June, overall it remained better than the rest of the state. June 2003 saw the state unemployment rate at 7.6 percent, with the Coast region at 6 percent.
South MS ping
Congratulations on your first post!
It's a good one, too.
You should have seen my first one.
I'm embarrassed just thinking about it. ;o)
Thanks for the ping.
We should all move to the coast. ;o)
You are most welcome. ;o)
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