Added jobs may spur added rate hikes
Employers in the United States this week reported that 311,000 more jobs had been added, according to labor market reports from the Federal government.
It’s less than the 517,000 jobs added in January, although the number was revised this week to 504,000 jobs, but it is still more than what federal officials reported for February this week.
Job growth, in cases, will trigger another rate hike from the Federal Reserve. Higher rates on mortgages, auto loans, credit card borrowing and many business loans typically result.
Looking more locally at the job market, DeSoto County’s unemployment for January 2023, the latest month that figures are available for, was at 2.9 percent, according to the Mississippi Department of Employment Services (MDES). That is tied with Lafayette County for the fifth-lowest jobless rate in Mississippi.
Statewide, the unemployment rate was at 3.5 percent in January. Other area counties report unemployment rates from 3.5 percent in Tate County, 3.8 percent in Marshall County, and 4.3 percent in Tunica County. These figures are not seasonally-adjusted.
In a labor force of 92,460, a total of 89,760 were employed in DeSoto County in January, according to MDES.
The local and state figures may rise a bit when the February numbers are made available, as the national unemployment rate of 3.6 percent in February rose from a 53-year low of 3.4 percent in January as more job seekers were searching for jobs but not finding them.