11/26/13 Indiana’s seasonally adjusted unemployment rate dropped by nearly one percentage point over the past three months to 7.5 percent. The decrease in unemployment in the Hoosier State signifies the largest three-month drop in more than 20 years (September 1993). Indiana began the year with the rate of 8.6 percent and was 8.4 percent in July. The last time Indiana’s unemployment rate was below 8 percent was November 2008.
Private sector employment in Indiana grew by 6,600 jobs in October, with gains concentrated in the manufacturing (+3,600), construction (+1,700) and private educational and health services (+1,300) sectors. Indiana’s rate of private sector growth (8.4 percent) has continued to significantly outspace the national average (6.5 percent) since July 2009, the low point of employment in Indiana.
Taking a look at local numbers, Marshall County sits at 35th in the state with a rate of 7.3. Looking at area counties we see LaPorte 9th with a rate of 8.6 immediately followed by Saint Joseph with a rate of 8.4. Starke County comes in at 17th with a rate of 8.1 while Elkhart is 32nd with a rate of 7.4. Fulton County is tied with Marshall County with a rate of 7.3 ranking then 34th of the state’s 92 counties. Kosciusko County is 77th on the list with a rate of 5.8 and Pulaski County is 84th with a rate of 5.7. Fountain County tops the list with an unemployment rate of 9.8 and Hamilton County is 92nd with a rate of 5.1.
“Indiana’s unemployment rate is more than one percentage point below where it was in January, which is definitely significant” said Scott B. Sanders, Commissioner of the Indiana Department of Workforce Development. “The steady private sector job growth the Hoosier State has been experiencing for some time now is finally beginning to be reflected in the unemployment rate, which many businesses and individuals rely on to make important economic decisions.”
Sanders also noted the number of unemployed Hoosiers has decreased by more than 27,000 over the past three months, while Indiana’s labor force has grown by 6,000. Claims for unemployment insurance this year remain at their lowest levels since 2000.
Sectors showing gains in October include: Manufacturing (3,600), Construction (1,700) and Private Educational and Health Services (1,300). The Trade, Transportation and Utilities (-800) Professional Business Services (-100) and Leisure and Hospitality (-200) sectors showed declines. Total non-farm employment increased in October (7,300).