Shreveport/Bossier City Jobless Rate Sees Rise in Second Quarter of 2024
In a surprising turn of events, Shreveport and Bossier City are facing an uptick in unemployment, with the jobless rate hitting 5% in Shreveport and just over 4% in Bossier City during the months of April through June 2024. This escalation marks a significant change from the relatively stable rates observed in previous quarters.
Understanding the Unemployment Rate Surge
The recent rise in unemployment has caught the attention of local economic experts. According to Douglas White, the director of the Center for Business and Economic Research at LSU Shreveport, the current jobless figures are notably concerning. “Five percent used to be seen as relatively low unemployment,” he stated, adding that the recent increase warrants further investigation as it could influence discussions about interest rates by the Federal Reserve.
The Economic Dashboard
White monitors these trends through the Northwest Louisiana Economic Dashboard, which serves as a central source for economic data in the area. It aims to help individuals make informed decisions and gain insight into the overall health of the local economy.
Key Metrics Tracked
- Tax collections
- Housing market trends
- Mortgage rates
- Building permits
- Casino revenue and admissions
- Airport traffic
- Inflation rates
- Natural gas, oil, and gasoline prices
The Inflation Landscape
Regarding inflation, the rate has stabilized around 3%, which is higher than the ideal 2% desired by the Federal Reserve. White noted that considering inflation was soaring at 9% a year to a year and a half ago, the current 3% rate signifies improvement, thanks to effective measures implemented to control the economic situation.
Housing Market Dynamics
A noticeable shift is also taking place in the local housing market, which White described as “gently cooling.” The average time properties are listed for sale has increased, and the median sales price has decreased compared to last quarter’s figures, attributed primarily to persistent mortgage rates around 6.5% to 7%. Despite these changes, overall house prices remain higher than those seen a year or a year and a half ago.
Trends in Casino Revenue
Casino revenue is another area experiencing decline. White indicated that this could be attributed to a shift in gambling patterns, with more players participating in online sports gambling rather than traditional riverboat casinos. This transition complicates efforts to evaluate local economic impacts, yet it remains a source of revenue for the state.
Why Should Residents Care?
Understanding the state of the local economy is crucial for residents, especially those seeking employment. White emphasized that insights into the unemployment rate and other economic indicators can assist individuals in making informed choices, particularly in the context of upcoming elections and potential shifts in economic policies.
In summary, the jobless rate rise in Shreveport/Bossier City has raised alarm bells about the local economy’s health. With continued observation and reporting, residents can remain informed about the trends shaping their communities.
