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Kenai Peninsula Borough – Unemployment History 2024

Unemployment Word Cloud

Unemployment statistics are among the most critical indicators used to assess the health and stability of a local economy. These statistics provide valuable insights into labor market conditions, economic growth, and social well-being, helping policymakers, businesses, and researchers make informed decisions. Understanding unemployment trends allows stakeholders to identify economic strengths, weaknesses, and necessary interventions to foster sustainable development.

  1. Measuring Economic Health Unemployment rates serve as a barometer for the overall economic performance of a local economy. A low unemployment rate typically indicates a robust economy where businesses are expanding, consumer spending is strong, and job opportunities are plentiful. Conversely, high unemployment suggests economic distress, such as business closures, reduced consumer demand, or industrial decline. By tracking these trends, economists and local governments can gauge whether the economy is growing, stagnating, or contracting.

  2. Informing Policy Decisions Governments and policymakers rely on unemployment data to design and implement effective economic strategies. For instance, if a local economy experiences rising unemployment, policymakers might introduce job training programs, tax incentives for businesses, or infrastructure projects to stimulate employment. Conversely, if unemployment is too low, it may signal labor shortages, prompting policies that encourage workforce participation, such as childcare support or immigration adjustments. Without accurate unemployment statistics, policymakers would struggle to address labor market challenges effectively.

  3. Assessing Labor Market Dynamics Unemployment statistics reveal more than just joblessness-they highlight structural issues within the labor market. For example:
    • Frictional Unemployment (short-term joblessness due to workers transitioning between jobs) indicates a dynamic economy with fluid job mobility.
    • Structural Unemployment (mismatches between workers' skills and job openings) suggests a need for education and retraining programs.
    • Cyclical Unemployment (job losses due to economic downturns) calls for stimulus measures to revive demand.


    By analyzing these categories, local leaders can tailor workforce development initiatives to address specific labor market inefficiencies.

  4. Impact on Consumer Spending and Business Confidence Employment levels directly influence consumer spending, which drives local economic activity. High unemployment reduces disposable income, leading to lower retail sales, decreased tax revenues, and potential business cutbacks. Conversely, low unemployment boosts consumer confidence and spending, encouraging business expansion and investment. Businesses also monitor unemployment trends to assess labor availability and plan hiring strategies accordingly.

  5. Identifying Regional Disparities Unemployment statistics help identify disparities between different regions, industries, or demographic groups within a local economy. For example, certain areas may suffer from higher unemployment due to the decline of a dominant industry (e.g., manufacturing), while others thrive in growing sectors (e.g., technology). Similarly, youth or minority unemployment rates may be disproportionately high, signaling the need for targeted social and economic programs.

  6. Influencing Investment and Development Investors and developers use unemployment data to assess the viability of local markets. A high-unemployment region may deter investment due to reduced consumer demand, whereas areas with strong employment growth attract businesses and infrastructure projects. Municipalities can leverage favorable unemployment statistics to promote economic development and attract new industries.


Conclusion

Unemployment statistics are indispensable for understanding the local economy's dynamics, strengths, and challenges. They guide policy formulation, highlight labor market inefficiencies, influence business and consumer behavior, and help address socioeconomic disparities. By continuously monitoring and analyzing unemployment trends, local economies can implement proactive measures to ensure stability, growth, and equitable opportunities for all residents.

 
Quarter
Labor Pool
Employed
Unemployed
    Unemployment Rate %
     
1990 Q1 17,65914,8812,778  15.7  bar
Q2 18,83816,2882,550  13.5  bar
Q3 21,81820,0491,769  8.1  bar
Q4 18,67216,3912,281  12.2  bar
 
1991 Q1 18,42815,6772,751  14.9  bar
Q2 19,62917,0692,560  13.0  bar
Q3 22,57520,4232,152  9.5  bar
Q4 18,94216,3432,599  13.7  bar
 
1992 Q1 18,58814,9233,665  19.7  bar
Q2 19,57316,3653,208  16.4  bar
Q3 22,72120,1652,556  11.2  bar
Q4 19,93217,1762,756  13.8  bar
 
1993 Q1 18,26114,9263,335  18.3  bar
Q2 19,81316,7263,087  15.6  bar
Q3 23,80021,6872,113  8.9  bar
Q4 20,34617,8542,492  12.2  bar
 
1994 Q1 19,28616,1483,138  16.3  bar
Q2 20,25517,3502,905  14.3  bar
Q3 24,00421,6202,384  9.9  bar
Q4 20,62518,1062,519  12.2  bar
 
1995 Q1 20,47217,2373,235  15.8  bar
Q2 20,81817,9952,823  13.6  bar
Q3 24,20321,8972,306  9.5  bar
Q4 21,31518,6832,632  12.3  bar
 
1996 Q1 20,54617,0483,498  17.0  bar
Q2 21,32718,1943,133  14.7  bar
Q3 24,96922,4582,511  10.1  bar
Q4 21,29718,4642,833  13.3  bar
 
1997 Q1 20,83817,2113,627  17.4  bar
Q2 21,56318,6032,960  13.7  bar
Q3 25,05722,9182,139  8.5  bar
Q4 20,80618,4862,320  11.2  bar
 
1998 Q1 20,82418,0292,795  13.4  bar
Q2 20,66118,3552,306  11.2  bar
Q3 23,78721,8971,890  7.9  bar
Q4 21,00318,7262,277  10.8  bar
 
1999 Q1 20,61917,9012,718  13.2  bar
Q2 21,49718,9092,588  12.0  bar
Q3 24,29722,2322,065  8.5  bar
Q4 21,41919,2032,216  10.3  bar
 
2000 Q1 22,90120,3822,519  11.0  bar
Q2 23,37221,1712,201  9.4  bar
Q3 26,55024,9521,598  6.0  bar
Q4 24,20422,4611,743  7.2  bar
 
2001 Q1 23,05620,7352,321  10.1  bar
Q2 23,33721,2222,115  9.1  bar
Q3 26,95825,3801,578  5.9  bar
Q4 24,01822,1501,868  7.8  bar
 
2002 Q1 23,70521,1242,581  10.9  bar
Q2 24,28921,8512,438  10.0  bar
Q3 26,92624,9022,024  7.5  bar
Q4 24,53022,2442,286  9.3  bar
 
2003 Q1 24,50221,5702,932  12.0  bar
Q2 24,52721,9122,615  10.7  bar
Q3 27,30625,1092,197  8.0  bar
Q4 24,25421,9022,352  9.7  bar
 
2004 Q1 24,02521,0592,966  12.3  bar
Q2 24,47521,8732,602  10.6  bar
Q3 28,08426,0242,060  7.3  bar
Q4 24,90822,7502,158  8.7  bar
 
2005 Q1 24,12521,5022,623  10.9  bar
Q2 24,45222,1482,304  9.4  bar
Q3 27,79625,9511,845  6.6  bar
Q4 24,64822,5352,113  8.6  bar
 
2006 Q1 24,11521,5162,599  10.8  bar
Q2 24,42222,1472,275  9.3  bar
Q3 27,59325,8261,767  6.4  bar
Q4 24,55922,8051,754  7.1  bar
 
2007 Q1 24,48921,9992,490  10.2  bar
Q2 24,68722,5382,149  8.7  bar
Q3 27,74826,0491,699  6.1  bar
Q4 25,00723,2811,726  6.9  bar
 
2008 Q1 24,73622,3202,416  9.8  bar
Q2 25,35223,2132,139  8.4  bar
Q3 28,72626,9231,803  6.3  bar
Q4 25,59023,6511,939  7.6  bar
 
2009 Q1 25,72422,9362,788  10.8  bar
Q2 26,34623,6252,721  10.3  bar
Q3 29,12626,7282,398  8.2  bar
Q4 26,14523,4702,675  10.2  bar
 
2010 Q1 26,09622,7863,310  12.7  bar
Q2 26,56923,6502,919  11.0  bar
Q3 28,55026,2342,316  8.1  bar
Q4 26,32623,8822,444  9.3  bar
 
2011 Q1 26,10422,9603,144  12.0  bar
Q2 26,09923,4042,695  10.3  bar
Q3 29,31227,0162,296  7.8  bar
Q4 26,56924,2562,313  8.7  bar
 
2012 Q1 26,10823,2902,818  10.8  bar
Q2 26,35123,9602,391  9.1  bar
Q3 29,23927,0932,146  7.3  bar
Q4 26,80424,7362,068  7.7  bar
 
2013 Q1 26,51423,8332,681  10.1  bar
Q2 26,76224,5372,225  8.3  bar
Q3 29,78527,8451,940  6.5  bar
Q4 27,02724,9092,118  7.8  bar
 
2014 Q1 26,46823,9972,471  9.3  bar
Q2 26,77324,5622,211  8.3  bar
Q3 30,21328,2421,971  6.5  bar
Q4 27,35125,4301,921  7.0  bar
 
2015 Q1 27,27624,9322,344  8.6  bar
Q2 26,69524,6082,087  7.8  bar
Q3 29,35127,5021,849  6.3  bar
Q4 27,01225,0042,008  7.4  bar
 
2016 Q1 26,08223,6992,383  9.1  bar
Q2 26,69724,3542,343  8.8  bar
Q3 28,66426,6711,993  7.0  bar
Q4 26,53424,4462,088  7.9  bar
 
2017 Q1 26,06723,6342,433  9.3  bar
Q2 26,29824,1562,142  8.1  bar
Q3 28,24626,3901,856  6.6  bar
Q4 26,35324,4981,855  7.0  bar
 
2018 Q1 25,75723,4462,311  9.0  bar
Q2 25,60723,6731,934  7.6  bar
Q3 28,58927,0091,580  5.5  bar
Q4 26,22024,5751,645  6.3  bar
 
2019 Q1 25,77723,6512,126  8.2  bar
Q2 25,53123,9661,565  6.1  bar
Q3 28,26026,8511,409  5.0  bar
Q4 25,94124,5401,401  5.4  bar
 
2020 Q1 24,35222,4751,877  7.7  bar
Q2 23,97020,4123,558  14.8  bar
Q3 26,95523,8113,144  11.7  bar
Q4 25,45623,3562,100  8.2  bar
 
2021 Q1 24,21721,7682,449  10.1  bar
Q2 25,89023,4772,413  9.3  bar
Q3 28,28726,4491,838  6.5  bar
Q4 26,24324,6311,612  6.1  bar
 
2022 Q1 25,91523,9511,964  7.6  bar
Q2 26,03124,6441,387  5.3  bar
Q3 28,81727,7281,089  3.8  bar
Q4 26,14525,0051,140  4.4  bar
 
2023 Q1 25,68024,1311,549  6.0  bar
Q2 26,28725,0201,267  4.8  bar
Q3 28,79727,6361,161  4.0  bar
Q4 26,43425,1471,287  4.9  bar
 
2024 Q1 25,94524,3121,633  6.3  bar
Q2 26,33724,9721,365  5.2  bar
Q3 29,13627,7791,357  4.7  bar
Q4 26,41425,0641,350  5.1  bar
 


Sources: STI: Colossus