Change in the Unemployment Rate

How’s the Prince William Sound Region performing?
The seasonally-adjusted annual unemployment rate in the Valdez-Cordova Census Area declined 3.1 percent between 2013 and 2014. While this represents some improvement, the overall rate of 9.5 percent significantly exceeds both the state and federal unemployment rates.

How is this metric determined?
The Alaska Department of Labor and Workforce Development determines unemployment rates based on multiple data sources including current employment statistics, the census, and unemployment insurance filings.

Why does this matter?
General unemployment is a broad economic indicator. Unemployment tends to be higher in rural regions with highly seasonal industries, such as tourism and fisheries. However, changes in unemployment can be a bellwether indicator for future economic changes. It can also indicate inefficiencies or deficiencies in educating and training workers for current employment opportunities.

Source:Alaska Department of Labor and Workforce Development, U.S. Bureau of Labor Statistics.