By the numbers: Louisiana’s unemployment rate improved in all nine metro areas in February, and both the number of people in the workforce and the number of people working have grown, according to nonseasonally adjusted figures released by the Louisiana Workforce Commission. Louisiana’s unemployment rate was 6.2% in February, up 0.9 percentage points from a year earlier, but a decrease of 0.8 percentage points from January. The national rate in February was 5.8%, down from 7% over the year and a decrease of 0.3 percentage points from the previous month. The Baton Rouge metro area unemployment rate in February was 5.5%, down from 6.3% in January. LWC has more details.
On the payroll: U.S. businesses slowed their pace of hiring in March, a private survey found. The Associated Press reports the slowdown suggests that falling oil prices, a stronger dollar and harsh winter weather have generated a broader economic slowdown. Companies added a seasonally adjusted 189,000 jobs last month, payroll processor ADP announced this morning. That’s the first month of gains under 200,000 jobs in 13 months, and it’s a decline from 214,000 jobs added in February. “Job growth took a step back in March,” says Mark Zandi, chief economist of Moody’s Analytics, which analyzed the survey data. The ADP numbers cover only private businesses and sometimes diverge from the government’s more comprehensive report, which includes government agencies. Read the full story.
Paycheck to paycheck: Millions of Americans have no savings set aside for a rainy day, leaving them in serious jeopardy if financial calamity strikes, according to two new studies released this week. As USA Today reports, roughly a third of American adults don’t have any emergency savings, meaning that over 72 million people have no cushion to fall back on if they lose a job or have to deal with another crisis, according to a survey released today by NeighborWorks America, a national non-profit that supports communities. Among the 1,035 adults who took part in the poll, 34% had no money set aside for an emergency, while 47% said their savings would cover their living expenses for 90 days or less. Read the full story.
