Kentucky’s February 2015 unemployment rate* plunged to 5.2 percent, the lowest rate since November 2004, and remained below the national rate, according to the Office of Employment and Training. The state’s rate fell from the revised January 2015 rate of 5.5 percent and was 2.1 percentage points below the 7.3 percent recorded in February 2014.
The U.S. jobless rate of 5.5 percent for February 2015 was a decrease from the January 2015 rate of 5.7 percent, according to the U.S. Department of Labor.
“February proved to be a record-setting month. Temperatures hit historical lows in much of Kentucky and the unemployment rate fell to a 10-year low of 5.2 percent,” said OET economist Manoj Shanker. “We have had seven straight months where unemployment rates in Kentucky have been lower than the national average.”
Labor force statistics, including the unemployment rate, are based on estimates from the Current Population Survey of households. It is designed to measure trends rather than to count the actual number of people working. It includes jobs in agriculture and those classified as self-employed.
In February 2015, Kentucky’s civilian labor force was 1,987,617, an increase of 5,810 individuals compared to the previous month. Employment was up by 10,522, and the number of unemployed decreased by 4,712.
* Kentucky’s statewide unemployment rate and employment levels are seasonally adjusted. Employment statistics undergo sharp fluctuations due to seasonal events, such as weather changes, harvests, holidays and school openings and closings. Seasonal adjustments eliminate these influences and make it easier to observe statistical trends. However, because of the small sample size, county unemployment rates are not seasonally adjusted.
From Kentucky Education and Workforce Cabinet