Kentucky’s annual unemployment rate for 2022 decreased to 3.9% from 4.4% in 2021, according to the Kentucky Center for Statistics (KYSTATS), an agency of the Kentucky Education and Labor Cabinet. This is a drop from 10 years ago when the annual rate in 2012 was 8.2% and is the lowest seen since the US Bureau of Labor Statistics began reporting state unemployment rates in 1976.

-Lane Report

Editor's Note: In our February 6 edition we note the unemployment rate does not tell the whole story. While low unemployment is good, in Kentucky, the participation rate is 7th lowest in the U.S. at 57.6% according to December Federal Reserve Economic Data (FRED) showing significantly lower labor market activity than other states. The low participation rate is slightly below the pre-pandemic rates and shows Kentucky’s citizens are not taking advantage of opportunities to get back into the workforce, and this is having a serious consequence on Kentucky’s economy.

City Commission approves $4M+ bid for Transpark fire station, $10M for facility reconstruction

Conversations have been going on since last February regarding construction bids for a fire station in the Kentucky Transpark, though it wasn’t until the March 7 Bowling Green City Commission meeting that a decision was finally made.

-Sarah Phipps, WBKO-TV

AI and the CHIPS Act Could Reshape the Auto Supply Chain

It’s a familiar problem by now: a would-be buyer goes to a car lot or online vendor and can’t find the make or model they had in mind. Or if they do, the vehicle costs substantially more than it used to. In fact, car prices have increased more than 6% year-over-year, and more than 42% since 2020. The car shortage isn’t going away. However, both a new law and emerging artificial intelligence technology may offer some relief at common pressure points, or at least a slow-release valve that may avert future pinches.

-Ryan W. Goellner, Frost Brown Todd

Record $180B rise in credit card debt in 2022

Household finances are already under pressure and the Fed released its G19 report. The personal-finance website WalletHub released new reports and surveys highlighting additional hurdles to watch out for.

-Lane Report