Indiana’s Unemployment Rate Drops Below 8%
Indiana’s seasonally adjusted unemployment rate dropped by nearly one percentage point over the past three months to 7.5%. According to a press release, the decrease in unemployment in the Hoosier State signifies the largest three-month drop in more than 20 years (September 1993).
Indiana, home to the RV industry’s manufacturing hub in Elkhart County, began the year with a rate of 8.6% and was at 8.4% in July. The last time Indiana’s unemployment rate was below 8 percent was November of 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 & health services (+1,300) sectors. Indiana’s rate of private sector growth (8.4%) has continued to significantly outpace the national average (6.5%) since July 2009, the low point of employment in Indiana.
“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.