La.'s unemployment rate hits 10-year low

Louisiana's unemployment rate dropped below 5 percent for the first time in almost 10 years.

Labor statistics show the state's unemployment rate in October fell to 4.8 percent, the first time it has been below 5 percent since May 2008.

Gov. John Bel Edwards hailed the numbers and touted this week's announcement by his administration that DXC Technology will create 2,000 jobs in New Orleans by 2025 as momentum for the future.

“The best social program out there is a good job, and more and more people in Louisiana are finding work," Edwards said in a statement. "We’re continuing to see a decline in Louisiana’s unemployment rate, and our state’s economy is turning around.

"Just look at the historic economic development project we announced in New Orleans this week. Two thousand good-paying jobs are on the horizon. We are not out of the woods yet, and we have a lot of work left to do, but for the sixth consecutive month, we are seeing strong signs of improvement for Louisiana’s economy. I have said before that Louisiana’s brightest days are ahead of us, and these unemployment figures are further evidence of that."

But the news wasn't all rosy.

The Associated Press reported that while the unemployment rate fell to 4.8 percent in October (down from 6.1 percent in Oct. 2016), they separate payroll survey continued a downward trend, falling below 1.98 million in Louisiana.

Still, Louisiana’s unemployment rate doesn’t rank among the 10 worst states for the first time in years.

The state's chief economist said last summer he believed Louisiana had finally climbed out of its own 18-month recession.

"I think growth is coming because as oil prices bottomed out there is no more decline to impose on Louisiana," Legislative Fiscal Office economist Greg Albrecht said then. "Once that happens, we're dragged forward by the larger U.S. economy."

Following are job gains and losses for Louisiana's metro areas:

Alexandria gained 100 jobs from September 2017, but is down 700 jobs from October 2016.

Baton Rouge lost 800 jobs from September 2017, but is up 4,100 jobs from October 2016. The Baton Rouge MSA has had 10 straight over-the-year increases.

Houma lost 100 jobs from September 2017 and is down 1,700 jobs from October 2016.

Lafayette lost 700 jobs from September 2017 and is down 700 jobs from October 2016.

Lake Charles gained 300 jobs from September 2017 and is up 4,700 jobs from October 2016. The Lake Charles MSA has had over-the-year increases for 76 consecutive months.

Monroe gained 300 jobs from September 2017 and is up 500 jobs from October 2016. The Monroe MSA has had 13 straight over-the-year increases.

New Orleans lost 1,600 jobs from September 2017, but is up 400 jobs from October 2016.

Shreveport lost 1,000 jobs from September 2017 and is down 2,600 jobs from October 2016.

Greg Hilburn covers state politics for the USA TODAY Network of Louisiana. Follow him on Twitter @GregHilburn1