Established in 1930, each issue contains a free quarterly Alabama economic forecast update.
Economic Outlook Update:
Alabama Business | First Quarter | May 2019
➢The State gained 33,200 nonfarm jobs from March 2018 to March 2019, while the seasonally adjusted unemployment rate dropped from 4.0 percent to 3.7 percent bringing total nonfarm employment to 2 ,063,100.
➢ Seasonally adjusted unemployment, based on the household survey, declined from 88,723 in March 2018 to 82, 368 in March 2019. During this period, labor force dropped from 2,192, 348 to 2 , 214,946, which also tends to push the unemployment rate down.
➢ Total nonfarm employment is forecasted to increase by about 1 .4 percent in 2019, with building construction, transportation equipment manufacturing, food manufacturing, department stores, plastic and rubber products manufacturing, insurance carriers and related activities, professional, scientific and technical services, healthcare and social assistance, and food services and drinking places adding most to their payrolls.
➢ Overall, the state’s economy is forecasted to grow by approximately 1 .9 percent in 2019, just slightly below the 2.0 percent growth in 2018.
➢ After increasing by 6.5 percent in fiscal year 2017-2018, state tax revenues will increase by around 4.0 percent in FY2019.