Quote:
Originally Posted by PA Pride
Louisiana doing pretty good compared to other southern states like the carolinas.
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Louisiana is still experiencing "Recovering from Hurricane Katrina" growth... but it's total employment is still way down from pre-hurricane levels.
Unemployment rate is a poor proxy for how well a place is doing economically because trends in both labor force population and employment affect it. For example, Milwaukee has a pretty low unemployment rate... but it's not because it's growing jobs or losing few jobs... it's because it's labor force is shrinking so rapidly. The Carolinas have very high unemployment rates because their labor force populations continue to grow (since they've long been seen as desirable employment markets) despite catastrophic job loss. Few people who glance at unemployment rates dig beneath the surface to understand what affects these numbers. This is why I hate it when the media always uses unemployment rates to sell the economic narrative.