Even as the U.S. economy bounces back from the COVID-19-induced turmoil of the 2020, Louisiana is facing one of the slowest recoveries among individual states, according to a new economic forecast from the UL Lafayette.
The forecast for the third quarter, by professor Gary Wagner from the ULL school of business shows that Louisiana ranks 46th among U.S. states for economic recovery, The Daily Advertiser reports. Between the first and second quarters of 2021, Louisiana netted no new jobs, according to Wagner.
“Louisiana now ranks in the bottom five states in terms of the recovery, having regained only 39% of the 285,000 jobs lost in 2020 due to the pandemic,” Wagner wrote in the forecast. “Although the unemployment rate fell from 7.5 to 7.1% between the first and second quarters, the entire reduction was the result of people dropping out of the labor force.”
An estimated 58,000 people in Louisiana are no longer working or looking for work due to the pandemic, Wagner reported. Over the next four quarters, Louisiana is projected to gain 29,000 jobs—a reduction of 60% from the 71,000 projected in Wagner’s previous forecast. Read the full story.