Tracking the Louisiana Economy for 2010
Business Perspectives › Vol. 20 Nbr. 2, January 2010
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Summary
In the 2009 Business Perspectives forecast, the author indicated that prospects did not appear favorable for economic improvement in 2009. According to almost all indicators, Louisiana saw significant deterioration in its economic condition over the course of last year. Throughout the year, the number of employed persons trended down, and by the end of the year, there had been an additional loss of over 46,900 (-2.4%) nonfarm jobs after seasonal adjustment. The seasonally adjusted unemployment rate rose from 5.5% at the end of 2008 to 7.5% in 2009, which, although better than the national rate of 10%, still indicated that many additional Louisiana residents had fallen on hard times and lost their jobs. Just as other states, Louisiana faces a tax revenue nightmare and has recognized that it faces growing problems in matching its revenues to expenses. In summary, Louisiana was somewhat buffered from decline by hurricane relief money, federal stimulus funds, and natural gas windfalls as 2009 began.
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Tracking the Louisiana Economy for 2010
In the 2009 Business Perspectives forecast, I indicated that prospects did not appear favorable for economic improvement in 2009. Unfortunately, this prediction was quite accurate. According to almost all indicators, Louisiana saw significant deterioration in its economic condition over the course of last year. Throughout the year, the number of employed persons trended down, and by the end of the year, there had been an additional loss of over 46,900 (-2.4 percent) nonfarm jobs after seasonal adjustment (see Table 1). These losses appeare...
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