Garrard County Records Unemployment Rate of 3.6% in November 2023

The Kentucky Center for Statistics (KYSTATS) has released the unemployment rates for all counties in the state for November 2023, with Garrard County recording a rate of 3.6%. 

This figure represents a slight decrease from the rate of 4.1% observed in November 2022, indicating a year of economic improvement for the county.

Furthermore, when comparing month-to-month data, Garrard County experienced a decrease in unemployment from October 2023, where the rate was recorded at 3.7%. This slight decrease from October to November is indicative of a positive trend in the local labor market, suggesting an increase in employment opportunities or a decrease in the number of individuals actively seeking work.

This announcement came as part of a comprehensive report detailing the labor market trends across Kentucky.

The report highlights significant variations in unemployment rates across the state. While Woodford County posted the lowest unemployment rate at 2.9%, Magoffin and Martin counties faced the highest rates, both at 8.4%. Garrard County's rate places it in a middle tier, reflecting a relatively stable employment situation compared to counties at both ends of the spectrum.

Unemployment rates in Kentucky are not seasonally adjusted, primarily due to the small sample sizes. This means the rates are subject to fluctuations influenced by seasonal events such as weather changes, harvests, holidays, and school openings and closings. Despite these variations, the data provides insight into the local labor market conditions and trends.

The state-wide unadjusted unemployment rate stood at 3.9% for November 2023, slightly higher than Garrard County's rate. In comparison, the national unadjusted rate was 3.5%. These figures are important indicators of the economic health of the state and its regions.

It is essential to note that unemployment statistics are based on estimates and are primarily used to measure trends rather than to count the actual number of people working. The civilian labor force statistics included in these reports account for non-military workers and unemployed Kentuckians who are actively seeking work. They do not include those who have not looked for employment within the past four weeks.

For a deeper understanding of the labor market trends and more detailed information about unemployment rates across Kentucky's counties, interested individuals can visit the Kentucky Center for Statistics website​​.