Alaska is predicted to proceed dropping jobs in 2018 for the third yr in a row, however the losses look like tapering, in response to a brand new financial forecast.
Complete employment is predicted to drop by zero.5 %, or 1,800 jobs, this yr, the Alaska Division of Labor and Workforce Improvement stated in a report launched Tuesday.
Job counts in oil and fuel, state authorities, development and professional and enterprise providers (a class that features architects, engineers, attorneys and extra) are stabilizing after taking large hits within the first couple years of the present state recession, the labor division stated. That is one cause statewide employment losses are slowing, however the ripple impact of these losses continues in different elements of the financial system.
The largest hit on this downturn got here in 2016, when the state shed 6,300 jobs, in line with the labor division. In 2017, Alaska misplaced an estimated three,600 jobs.
“Losses are slowing, however restoration will rely upon an extended-time period price range answer,” the labor division’s report stated. Calls to scale back state authorities prices and the finances deficit “will proceed to place downward strain on job counts.”
Statewide, almost each business is predicted to have some quantity of job losses this yr. Well being care, forecast so as to add seven hundred jobs, is the primary exception. Manufacturing — nearly all of which is in seafood processing — can also be predicted to realize 200 jobs.
Alaska’s oil and fuel sector — which misplaced 2,900 jobs in 2016 and an estimated 1,500 final yr — is predicted to lose one other 500 jobs in 2018, the forecast stated. The identical prediction goes for state authorities and development.
Anchorage is predicted to lose 1,000 jobs, a smaller quantity than the final two years. Alaska’s largest metropolis might cease dropping jobs by the top of 2018, the report stated, however “regaining them might be an extended street.”
In the meantime, army development is predicted to result in a modest achieve in Fairbanks, the place general employment is predicted to develop zero.eight % (or 300 jobs). The labor division predicts Southeast Alaska will lose 200 jobs, simply barely fewer than it misplaced in 2017.