Overall unemployment rate moved down to 3.9% with the biggest shift in Government, which lost 400 roles, based on the most recently available information published in June 2022.
Total employment in the Fairbanks, AK market rose by 564 jobs in May and the unemployment rate decreased compared to the prior month by 10 bps to 3.9%. The national unemployment rate increased by 4 bps over the same time to 3.4%.
- Fairbanks, AK unemployment rate is 52 bps above the national rate which is a negative sign.
- Unemployment in the market is 150 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in May versus prior month by 3.4% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.6% . Key sectors include:
- Government: 10,200; -400
- Transportation & Utilities: 7,300; +100
- Education & Healthcare: 5,400; +100
- Restaurants & Hotels: 4,500; +400
- Construction, Mining: 3,700; +200
- Business Services: 2,700; +100
- Other Jobs: 1,200; +100
- Financial Services: 1,100; no change
- Manufacturing: 600; no change
- IT & Development: 300; no change
Data is based on the most recent 12 months available, through May 2022 (Data published June 2022 and reports created on June 29, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.