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Alaska's seasonally-adjusted unemployment rate rose .7 percent in October to 7.4 percent, according to the Alaska Department of Labor and Workforce Development. September's unemployment rate was 6.7 percent.
Alaska's unemployment rate on the rise 112608 BUSINESS 2 Capital City Weekly Alaska's seasonally-adjusted unemployment rate rose .7 percent in October to 7.4 percent, according to the Alaska Department of Labor and Workforce Development. September's unemployment rate was 6.7 percent.
Wednesday, November 26, 2008

Story last updated at 11/25/2008 - 4:35 pm

Alaska's unemployment rate on the rise

Alaska's seasonally-adjusted unemployment rate rose .7 percent in October to 7.4 percent, according to the Alaska Department of Labor and Workforce Development. September's unemployment rate was 6.7 percent.

Job growth has slowed in 2008, but Alaska still added an estimated 2,100 jobs since October 2007 and the latest numbers don't reveal a significant change in the rate of job growth.

Nationally, the numbers are sending clear signals of an ongoing economic downturn. The nation's unemployment rate rose .4 percent in October to 6.5 percent and the number of jobs fell by 240,000. Through the first 10 months of 2008, national employment has fallen by 1.2 million jobs, with more than half of that decline coming in the last three months.

A shrinking number of states have continued to add jobs in 2008 and most of them, like Alaska, have benefited from big gains in the oil and gas industry. Through September, Wyoming and Texas had the strongest job growth in 2008 and both depend heavily on oil and gas jobs. Alaska's oil and gas industry has added an estimated 1,200 jobs since October 2007.


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