Economist: Total jobs lost in Louisiana due to coronavirus now nearly double total lost from Katrina
The total number of jobs in Louisiana dropped by 11% in the first half of this year due to COVID-19, a mark that is nearly double the 6% drop after Hurricane Katrina in 2005.
The state lost 218,000 payroll jobs in the first and second quarters while the state’s economy contracted at an annualized rate of 6.6% in the first quarter as the national economy officially entered a recession, according to data compiled by Gary Wagner, Acadiana Business Economist at the University of Louisiana at Lafayette, in his quarterly Louisiana Economic Activity Forecast.
The economy will pick back up for the remainder of the year, but a national full recovery is not projected until the fourth quarter of next year at the earliest. In Louisiana, he noted, that recovery will be slower, and the economy could be 7% smaller than it was at the end of last year.
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