Increased mortgage staffing, falling unemployment rate boost Louisiana

12.22.2011


Increased mortgage staffing, falling unemployment rate boost Louisiana
Increased mortgage staffing, falling unemployment rate boost Louisiana

The jobless rate in Louisiana dipped to 6.9 percent in November even as the state's civilian workforce grew by 5,100 during the month, according to the Louisiana Workforce Commission.

With 6,300 nonfarm jobs added last month, Louisiana continues to outpace the rest of the country, as the national unemployment rate sits at 8.6 percent.

In the past year, Louisiana has gained 47,300 jobs, without taking into account seasonal adjustments. Good-producing sectors such as manufacturing, petroleum and construction have helped lead the way in addition to private service-providing industries, according to The Associated Press.

Loren Scott, an economist who analyzes the Kansas unemployment landscape, told the news source that while the numbers are certainly positive, it's difficult to take too much away from them at this stage of the game.

"Across the board, these are very good numbers. It's been a 2.5 percent growth rate, that's extremely good over the past year," Scott noted. "But we have to put in the caveat that we can't quite be sure of these numbers until March when we start comparing the collection procedure."

Regionally, Louisiana has experienced the most growth in the two metropolitan areas one might expect: Baton Rouge and New Orleans. The capital city of Baton Rouge added 1,500 positions in November, while The Big Easy has generated 9,000 jobs over the past 12 months, including 1,400 in November, the state Workforce Commission said.

One area where Louisiana is set to receive a boost in the near future is mortgage staffing, as a major financial institution reportedly plans to create more than 400 jobs in Monroe during the first half of 2012.

Jamie Mayo, the mayor of Monroe, explained that the company was "one of the cornerstones of our economic foundation," according to the Monroe News Star.

"The company's growth in Monroe brightens the city's and region's future, and we're grateful for the opportunities this will present to those who live here in the coming year," he said.

All of the new positions are expected to be created in the financial firm's national mortgage records center operation in the city, the news source noted.