High January unemployment: overall a gradual downward trend?

• Author: Spohn, Kari
• Position: ALASKA TRENDS FOR MAY 2007

Alaska's unemployment rate decreased gradually over the last year from 7.7 percent in January 2006 to 7.4 percent in January of this year. The rest of the United States also experienced a slight decrease as well. The unemployment rate for the United States in January 2006 was 5.1 percent, and decreased to 5 percent in January 2007.

Examining Alaska's unemployment rate over a month's time indicates a noteworthy change as well, though this one represents an upward spike in unemployment from 6.8 percent in December 2006 to 7.4 percent in January of this year. The unemployment rate for the United States also experienced a significant rise over a month's time: the rate for December 2006 was at 4.3 percent, while the rate for January 2007 was 5 percent.

Alaska's two largest cities are perhaps responsible for the monthly spikes and yearly decreases. Anchorage's unemployment rate decreased on a yearly basis (January to January) from 6.4 percent to 6.1 percent, but increased on a monthly basis from 5.5 percent in December 2006 to 6.1 percent in January of this year. Fairbanks also experienced a notable increase in the monthly unemployment rate from December 2006 at 5.8 percent to January 2007 at 6.3 percent. Fairbanks' unemployment rate decreased on a yearly basis from 6.8 percent in January 2006 to 6.3 percent in January 2007. All things considered, during the past year the unemployment rate experienced significant changes on both national and state levels.

State Unemployment Rates Anchorage Fairbanks January 2006 6.40 6.80 December 2006 5.50 5.80 January 2007 6.10 6.30 Source: State of Alaska--Department of Labor and Workforce Development, http://almis.labor.state.ak.us/ Note: Table made from bar graph. National Unemployment Rates Alaska United States January 2006 7.70 5.10 December 2006 6.80 4.30 January 2007 7.40 5.00 Source: State of Alaska--Department of Labor and Workforce Development, http://almis.labor.state.ak.us/ Note: Table made from bar graph. ALASKA TRENDS FOR MAY 2007 Indicator Units GENERAL Personal Income - Alaska Millions of $ Personal Income - United States Millions of $ Consumer Prices - Anchorage 1982-1984 = 100 Consumer Prices - United States 1982-1984 = 100 Bankruptcies Alaska Total Number Filed Alaska Business Only Number Filed Anchorage Total Number Filed Anchorage Business Only Number Filed Fairbanks Total Number Filed Fairbanks Business Only Number Filed EMPLOYMENT Alaska Thousands Anchorage Thousands Fairbanks Thousands Southeast Thousands Gulf Coast Thousands Sectoral Distribution - Alaska Total Nonfarm Wage & Salary Thousands Goods-Producing Thousands Service-Providing Thousands Natural Resources & Mining Thousands Logging Thousands Mining Thousands Oil & Gas Extraction Thousands Construction Thousands Manufacturing Thousands Wood Products Manufacturing Thousands Seafood Processing Thousands Trade/Transportation/Utilities Thousands Wholesale Trade Thousands Retail Trade Thousands Food & Beverage Stores Thousands General Merchandise Stores Thousands Trans/Warehouse/Utilities Thousands Air Transportation Thousands...