Kentucky unemployment rate rises to 8.1 percent in May
FRANKFORT, Ky. - Kentucky's unemployment rate rose to 8.1 percent in May from 7.9 percent in April.
The numbers mirror a nationwide increase in May, as the national jobless rate rose to 7.6 percent from April's rate of 7.5 percent.
“The Kentucky labor market has softened, but hasn’t lost momentum,” said economist Manoj Shanker of the Office of Employment and Training. “Unfortunately, not all of the new entrants into the labor force were able to find jobs in May, causing the unemployment rate to rise slightly.”
The commonwealth saw a net loss in jobs, as employment fell by 416, while unemployment increased by 4,226. The manufacturing sector saw the biggest decline, dropping by 1,300 positions in May. Financial activities enjoyed the largest gain, increasing by 600 jobs for the month.
Despite the rise, Kentucky's unemployment rate remains lower than May 2012's rate of 8.3 percent.