Louisiana Set to Get $3 Billion in Federal Money
The state revenue forecast is looking rosy despite the slow recovery of jobs lost to the pandemic thanks to a huge influx of federal support.
Earlier this year Legislative Economist Greg Albrecht says the job and economic activity metrics didn’t paint a pretty picture, but due to the passage of the American Rescue Act
The state appears to be in line for more than three billion dollars in federal aid. Albrecht says the total pandemic job loss picture has come into view. At our lowest point last April we had lost 284,000 jobs for a total unemployment rate of 13 percent. As of January, it sits at 7.6 percent.
The retail sector has returned 92 percent of its lost jobs while hospitality has only returned about half. Albrecht says the state is still way off of its pre-pandemic expectations and some industries, like mining, continue to see job losses. Manufacturing, mining, oil and gas, real estate, government, and finance are all sectors that have seen continued job losses past the April 20th overall low point.