According to the report, Kentucky’s 2021 annual unemployment rate was 4.7% which is down from 2020’s 6.4%.
The number of unemployed Kentuckians dropped by almost 35,000 people in one year.
The annual labor force estimates show that Kentucky’s economy improved significantly from 2020 to 2021. However, because the annual estimates are averages for the year, they tend to mask the improvements that occurred throughout 2021. For example, from December 2020 to December 2021, the number of people unemployed was down 4.1%; the number employed was up 2.2%, and the number in the labor force was up 1.9%.University of Kentucky’s Center for Business and Economic Research (CBER) Director Mike Clark, Ph.D.
Forty-nine states saw a significant decrease in unemployment rates from 2020 to 2021 with Kentucky’s higher than 24 states and lower than 25 states.
The U.S. annual unemployment rate fell to 5.3%, down from 8.1% in 2020.