Louisiana joining most states with downward revisions to job growth estimates....

It was over rated by our friends in the federal government by nearly 400%. Nearly all states in the US are seeing stagnant economic growth. There has been a lot of downward revisions when it comes to job gains.

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Job growth in Louisiana last year was much lower than initially reported as revised federal data cut the state’s job growth by about 75%.

The state actually gained only 9,900 jobs in 2023, well below the 39,366 jobs initial data revealed earlier this year, according to data compiled by Gary Wagner, Acadiana Business Economist with the University of Louisiana at Lafayette, in his quarterly Louisiana Economic Activity Forecast.

The more accurate data showed a much weaker job growth and projects a job growth that will be flat over the next 12 months. Unemployment is also expected to increase over the next four quarters and reach 4.5% by the first quarter of 2025.

In that revised data, seven of the state’s nine metro areas had their job growth drop and four actually experienced job losses, data shows. Six areas lost jobs between the fourth quarter of 2023 and the first quarter of 2024.

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