Change since June of last year

The region's June data continues to signal a slowing economy. The number of people employed fell over the year, as did demand for workers as measured by online job postings. This is reflected in the unemployment rate, which is up more than half a percent compared to the same time last year.

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Workforce needs at Kentucky hospitals

The Kentucky Hospital Association is out with their annual Workforce Survey Report, which takes an in-depth look at the demand for Kentucky’s non-physician hospital workforce. For example, hospitals in the KentuckianaWorks region have a current shortage of 1,210 registered nurses, with turnover rates varying across nursing specializations from 9% among CRNAs to 34% among psychiatric RNs. 

AI adoption and use

A St. Louis Fed survey of Eighth District businesses finds that AI adoption remains largely early-stage, with most firms reporting experimental or limited use. Meanwhile, nonadopters cite gaps in skills, data, technical infrastructure, or business needs. Firms that have adopted AI report meaningful efficiency gains, largely helping firms expand capacity with existing staff rather than driving job cuts. Looking ahead, most firms expect little to no AI-related staffing changes over the next year, though many anticipate a shift in the skills their workforce will need. 

Remote work impacts job market for recent college graduates

An analysis from the New York Fed finds remote work explains 64% of the recent rise in unemployment among young college graduates. Their results suggest companies are more reluctant to hire inexperienced workers onto distributed teams where mentoring is harder. The authors argue timing points to remote work, not generative AI, as the main driver of rising unemployment among young college graduates. 

The Labor Market Update is a monthly report produced by KentuckianaWorks, the Louisville region's Workforce Development Board. The report gives Louisville's policymakers and business leaders an overview of the local economy through powerful visuals and concise analysis.