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Nome Census Area – 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 3,0702,743327  10.7  bar
Q2 3,1132,755358  11.5  bar
Q3 3,3233,029294  8.8  bar
Q4 3,2283,023205  6.4  bar
 
1991 Q1 3,2022,919283  8.8  bar
Q2 3,3893,013376  11.1  bar
Q3 3,3342,888446  13.4  bar
Q4 3,2162,900316  9.8  bar
 
1992 Q1 3,1942,750444  13.9  bar
Q2 3,1912,742449  14.1  bar
Q3 3,1522,733419  13.3  bar
Q4 3,0992,829270  8.7  bar
 
1993 Q1 3,1882,815373  11.7  bar
Q2 3,2792,841438  13.4  bar
Q3 3,2712,852419  12.8  bar
Q4 3,2232,907316  9.8  bar
 
1994 Q1 3,4993,058441  12.6  bar
Q2 3,4202,959461  13.5  bar
Q3 3,4163,000416  12.2  bar
Q4 3,4593,077382  11.0  bar
 
1995 Q1 3,4162,983433  12.7  bar
Q2 3,3332,881452  13.6  bar
Q3 3,4002,905495  14.6  bar
Q4 3,4163,025391  11.4  bar
 
1996 Q1 3,4532,976477  13.8  bar
Q2 3,5282,995533  15.1  bar
Q3 3,4482,976472  13.7  bar
Q4 3,2652,991274  8.4  bar
 
1997 Q1 3,2662,942324  9.9  bar
Q2 3,2662,850416  12.7  bar
Q3 3,3762,947429  12.7  bar
Q4 3,2693,030239  7.3  bar
 
1998 Q1 3,4363,158278  8.1  bar
Q2 3,4233,106317  9.3  bar
Q3 3,3882,995393  11.6  bar
Q4 3,3833,090293  8.7  bar
 
1999 Q1 3,3322,955377  11.3  bar
Q2 3,2842,892392  11.9  bar
Q3 3,1062,662444  14.3  bar
Q4 2,9722,695277  9.3  bar
 
2000 Q1 3,7723,450322  8.5  bar
Q2 3,5933,228365  10.2  bar
Q3 3,6223,257365  10.1  bar
Q4 3,7783,474304  8.0  bar
 
2001 Q1 3,7733,411362  9.6  bar
Q2 3,6773,306371  10.1  bar
Q3 3,6343,266368  10.1  bar
Q4 3,8083,495313  8.2  bar
 
2002 Q1 3,8043,438366  9.6  bar
Q2 3,7193,298421  11.3  bar
Q3 3,8783,486392  10.1  bar
Q4 3,9343,602332  8.4  bar
 
2003 Q1 4,0763,676400  9.8  bar
Q2 4,0253,598427  10.6  bar
Q3 3,6003,155445  12.4  bar
Q4 4,0573,657400  9.9  bar
 
2004 Q1 3,9643,494470  11.9  bar
Q2 4,0383,563475  11.8  bar
Q3 3,8843,413471  12.1  bar
Q4 4,0793,675404  9.9  bar
 
2005 Q1 4,0803,562518  12.7  bar
Q2 4,0573,548509  12.5  bar
Q3 3,6083,120488  13.5  bar
Q4 4,1713,710461  11.1  bar
 
2006 Q1 3,9983,491507  12.7  bar
Q2 3,8993,381518  13.3  bar
Q3 3,5703,072498  13.9  bar
Q4 3,9653,569396  10.0  bar
 
2007 Q1 3,8633,454409  10.6  bar
Q2 3,7473,319428  11.4  bar
Q3 3,4142,969445  13.0  bar
Q4 3,9893,605384  9.6  bar
 
2008 Q1 4,0763,655421  10.3  bar
Q2 3,9763,574402  10.1  bar
Q3 3,6413,189452  12.4  bar
Q4 4,0683,738330  8.1  bar
 
2009 Q1 4,0833,617466  11.4  bar
Q2 3,9793,490489  12.3  bar
Q3 3,6623,186476  13.0  bar
Q4 4,1313,693438  10.6  bar
 
2010 Q1 4,1333,619514  12.4  bar
Q2 4,1893,642547  13.1  bar
Q3 3,7543,204550  14.7  bar
Q4 4,2283,758470  11.1  bar
 
2011 Q1 4,1663,636530  12.7  bar
Q2 4,1063,587519  12.6  bar
Q3 3,7363,214522  14.0  bar
Q4 4,1753,707468  11.2  bar
 
2012 Q1 4,1163,610506  12.3  bar
Q2 4,1443,667477  11.5  bar
Q3 3,8893,396493  12.7  bar
Q4 4,3413,893448  10.3  bar
 
2013 Q1 4,0923,559533  13.0  bar
Q2 4,0603,565495  12.2  bar
Q3 3,9083,404504  12.9  bar
Q4 4,3093,832477  11.1  bar
 
2014 Q1 4,0623,548514  12.7  bar
Q2 4,0543,550504  12.4  bar
Q3 3,9303,404526  13.4  bar
Q4 4,2523,813439  10.3  bar
 
2015 Q1 4,0383,549489  12.1  bar
Q2 3,9933,482511  12.8  bar
Q3 3,8573,380477  12.4  bar
Q4 4,1723,768404  9.7  bar
 
2016 Q1 4,0663,602464  11.4  bar
Q2 4,1003,589511  12.5  bar
Q3 3,7263,192534  14.3  bar
Q4 4,2333,756477  11.3  bar
 
2017 Q1 4,1293,632497  12.0  bar
Q2 4,0793,601478  11.7  bar
Q3 3,8203,331489  12.8  bar
Q4 4,2283,838390  9.2  bar
 
2018 Q1 4,1423,681461  11.1  bar
Q2 4,0823,637445  10.9  bar
Q3 4,0053,577428  10.7  bar
Q4 4,1973,836361  8.6  bar
 
2019 Q1 4,1693,711458  11.0  bar
Q2 3,9693,567402  10.1  bar
Q3 3,8613,416445  11.5  bar
Q4 4,1173,808309  7.5  bar
 
2020 Q1 4,0533,667386  9.5  bar
Q2 3,7043,265439  11.9  bar
Q3 3,8653,294571  14.8  bar
Q4 3,9403,604336  8.5  bar
 
2021 Q1 3,9243,579345  8.8  bar
Q2 3,7953,355440  11.6  bar
Q3 4,0213,597424  10.5  bar
Q4 4,1533,826327  7.9  bar
 
2022 Q1 3,8763,518358  9.2  bar
Q2 4,1293,792337  8.2  bar
Q3 3,9583,668290  7.3  bar
Q4 4,1003,875225  5.5  bar
 
2023 Q1 3,9593,672287  7.2  bar
Q2 3,9503,660290  7.3  bar
Q3 3,9563,653303  7.7  bar
Q4 4,0743,765309  7.6  bar
 
2024 Q1 4,0643,709355  8.7  bar
Q2 4,0433,705338  8.4  bar
Q3 4,0193,625394  9.8  bar
Q4 4,1673,867300  7.2  bar
 


Sources: STI: Colossus