Economic indicators show the state is recovering quicker than first predicted from the pandemic. LSU Economist Dr. Loren Scott said they compared unemployment numbers from April of 2020 to the latest numbers in December and unemployment has recovered by 69%.
“In other words, we’ve gotten back 69% of the jobs that we lost back during the terrible month of April when we were totally closed down. Originally, we thought that we’d be back about 42%.
He predicts things will continue to improve once the vaccine is more widely available.
As for the leisure and hospitality industry, it’s improved since April, but far from a recovery. What has rebounded is the retail sector; they have more jobs now than this time last year.
“There were more jobs in December than there were in the December of last year. It’s one of the few sectors in the economy that actually has more people employed today than they did a year ago,” said Scott.
Scott, unfortunately, said the oil and gas sector is worse off than it was in December of 2019 and the outlook is bleak. He said the Biden Administration’s moratorium on new leases in the Gulf of Mexico is very concerning.
“Then of course the person that he’s chosen to be the head of the Department of Interior is a very anti-fossil fuels person. So, she is going to be a real problem for this industry going forward,” said Scott.
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