Frankfort: Kentucky’s annual unemployment rate dropped to 6.5 percent in 2014 from 8 percent in 2013, while nonfarm employment gained 29,000 jobs, according to the Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.
It was the lowest annual jobless rate for the state since 2008 when it was a pre-recession 6.4 percent.
“Kentucky’s labor market has finally brushed off the last remaining drag from the Great Recession,” said economist Manoj Shanker of the OET. “In 2014, we added nonfarm jobs at a pace just short of the hectic expansion of the dot com era 15 years ago. One out of five new jobs was in manufacturing, and the unemployment rate continued to drop throughout 2014.”
The U.S. annual unemployment rate fell to 6.2 percent in 2014 from 7.4 percent in 2013.