Calm before the storm

By: Kriss Sjoblom
4:51 pm
March 18, 2020

The state Employment Security Department issued its Monthly Labor Report for February today. The period covered by this report was not significantly impacted by COVID-19, and hence the numbers reported do not accurately reflect today’s labor market conditions.

According to preliminary estimates from the federal Bureau of Labor Statistics, the state gained 3,500 jobs, net, seasonally adjusted, from January to February. The estimated unemployment rate for February is 3.8 percent, down a tick from January’s 3.9 percent. The full report is available here.

The next Monthly Labor Report is scheduled to be released on April 15. This report, based on March surveys of businesses and households, should show a reduction in employment and an increase in the unemployment rate due to COVID-19. However, because the impacts of the epidemic build over the course of the month, I expect to see bigger effects on employment and the unemployment rate in the report for April, which is due to be released on May 20.

Categories: Categories , Economy.