October jobs up 2.1 percent from October 2022, reflecting stable economy

Alaska employment showed small gains in October compared with the same month of 2022. Most industries were relatively flat, although oil and gas job growth was up significantly as the pace North Slope work picked up.

Overall jobs were up 2.1 percent in October compared with the same month of the previous year compared with a 2 percent growth in September year-over-year.

Petroleum jobs were up 4.2 percent compared with 2.8 percent growth in September, year-over-year. The count of total jobs, which were estimated based on employers surveys, was 322,000, up 6,500 from October 2022.

Among high-wage industries construction was also up by 1.2 percent in October, with job-growth slowing from a 1.7 percent increase in September. The slight slowdown in construction is a normal seasonal change that occurs in autumn.

North Slope oil work, in contrast, typically strengthens as cold weather sets in. Employment in the industry will accelerate this winter as construction proceeds on two large new projects, Pikka, being developed by Santos, Ltd., and Willow, by ConocoPhillips.

Santos expects to employ 1,000 in construction this winter and ConocoPhillips projects its winter workforce at 1,200.

Similar strong winter construction seasons are expected on the slope until Pikka’s first phase is completed in 2026 and Willow begins production in 2029.

In other industries, leisure and hospitality job growth slowed in October to a 3.1 percent increase compared with 3.6 percent in September, both against the same month of the previous year. Leisure and hospitality is a job category that includes restaurant and hotel workers and it is seen as an indicator for tourism.

This is seen as a normal seasonal slowdown but it is coming off strong growth this summer from a record-breaking visitor season.

The large retail sector was up 400 jobs in October, for a 1.2 percent growth, a reflection of consumer spending and a stable economy,

In other fields, health care added 1,400 jobs in October, with the strongest growth in hospitals. Professional and business services, which includes engineering and consulting, added 700 jobs in October compared with the same month of 2022. Transportation, warehousing and utilities added 600.

Most Alaska industries grew, with two longstanding exceptions. Information was flat over the year and financial activities employment was down by 100.

Government job growth was led by federal government (600). State government was down by 100 jobs and local government, which includes public schools, was up by 500, mostly in education.

Alaska’s seasonally adjusted unemployment rate was 4.3 percent in October and the comparable U.S. rate was 3.9 percent.