Louisiana’s COVID-19 economic recovery is one of the slowest in U.S.
Even as the U.S. economy bounces back from the COVID-19-induced turmoil of the 2020, Louisiana is facing one of the slowest recoveries among the individual states, according to a new economic forecast from the University of Louisiana at Lafayette.
The forecast for the third quarter, by Prof. Gary Wagner from the UL B.I. Moody III School of Business, shows that Louisiana ranks 46th among U.S. states for economic recovery. Between the first and second quarters of 2021, Louisiana netted no new jobs, according to Wagner’s report.
“Louisiana now ranks in the bottom five states in terms of the recovery, having regained only 39% of the 285,000 jobs lost in 2020 due to the pandemic,” Wagner wrote in the forecast. “Although the unemployment rate fell from 7.5 to 7.1% between the first and second quarters, the entire reduction was the result of people dropping out of the labor force.”