Knox unemployment rate on the rise

As far as unemployment goes, Knox County is ranking near the top compared to its neighboring counties.

In the February 2024 Kentucky Labor Force Estimates for February 2024, released this week, Knox County was shown to have 693 unemployed persons, at a rate of 7.1%. This rate is up significantly compared to January 2024 and a year ago in February 2023.

Knox County’s unemployment rate in January 2024 was 6.6%, up from 5.8% a year ago.

Comparatively, Laurel County currently has a 5.5% unemployment rate, which is up a full percentage point from 4.5% in February 2023. Bell County stands at 6.6%, compared to 6.1% in February 2023. Clay County, with the highest in the counties bordering Knox, is reported to have 7.9% unemployment, compared to 6.8% in February 2023. Whitley County is up from 4.7% in February 2023 to 5.9% in February 2024.

Statewide, unemployment rates are 5.1%, up slightly from 4.7% reported a year ago. The national unemployment rate is 4.2%.

Knox County is part of the Cumberland Valley Area Development District, which also includes Bell, Clay, Harlan, Jackson, Laurel, Rockcastle, and Whitley counties. The district’s unemployment rate average is 6.3%, up a whole percentage point from February 2023.

In a Kentucky Education and Labor Cabinet release, the agency describes how the rate is calculated: “Unemployment statistics are based on estimates and are compiled to measure trends rather than actually to count people working. Civilian labor force statistics include non-military workers and unemployed Kentuckians who are actively seeking work. They do not include unemployed Kentuckians who have not looked for employment within the past four weeks. The data should only be compared to the same month in previous years.”