The unemployment rate in Indiana’s Elkhart County continued rising in July, while the state’s jobless rate held steady.
The Elkhart Truth reported that Elkhart County’s rate rose to 9%, up from 8.9% in June and 8.6% in May, according to numbers released by the Indiana Department of Workforce Development. Elkhart County is the RV industry’s manufacturing center.
Indiana’s non-seasonally adjusted jobless rate stayed at 8.3% in July, the same as June, according to numbers from the U.S. Bureau of Labor Statistics. The seasonally adjusted numbers showed the state rising from June’s 8% to 8.2% in July, still below the national 8.3% average.
The city of Elkhart’s unemployment rate inched upward to 11% from June’s 10.9%, and Goshen’s rose from 8.5% in June to 8.9% in July, according to the Indiana Department of Workforce Development. The actual number of unemployed people in Goshen rose by 44, according to Workforce Development, while 17 more people were unemployed in Elkhart.
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As the U.S. economy recovers and adds more jobs, Americans are paying the price at the gas pump.
According to an Associated Press report, the government said Friday (Jan. 6) that the nation’s unemployment rate dropped to 8.5%, the same day that gasoline prices hit an average of $3.35 a gallon, the highest ever for this time of year.
Gasoline prices are rising again after falling in the last months of 2011. Motorists are buying less gas than they did a year ago, but pump prices are rising with higher oil prices.
“It’s difficult to raise prices when gasoline demand is so anemic,” said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. But if the cost of oil goes up, “you have to pass it along” to the consumer, he said.
Kloza expects pump prices will average between $3.75 and $4.25 a gallon this year. They could be around $4 a gallon by spring.
Oil prices at the start of 2012 continued the climb they started last year. The price of benchmark U.S. crude rose 19% in 2011 to an average of about $95 a barrel. The price of benchmark crude rose 3% this week, though it fell slightly on Friday.
Small businesses and startups that were skittish about the economy this summer started hiring in bigger numbers this fall, helping drive the unemployment rate down to 8.6% in November, the lowest in two and a half years.
The country added 120,000 jobs last month, the Labor Department said Friday (Dec. 2). The economy has generated 100,000 or more jobs five months in a row – the first time that has happened since April 2006, long before the Great Recession set in.
“Something good is stirring in the U.S. economy,” Ian Shepherdson, an economist at High Frequency Economics, said in a note to clients.
The unemployment report, one of the most closely watched economic indicators, showed that September and October were stronger months than first estimated. For four months in a row, the government has revised job growth figures higher.
Unemployment was 9% in October and has been stuck near or above that level for two and a half years. The last time unemployment was this low was March 2009, two months after President Barack Obama took office.
The government uses a survey of mostly large companies and government agencies to determine how many jobs were added or lost each month. It uses a separate survey of households to determine the unemployment rate.
The household survey picks up hiring by companies of all sizes, including small businesses and startups. It has shown an average of 321,000 jobs created per month since July, compared with an average of 13,000 the first seven months of the year.
“We might finally be seeing new business creation expand again, which is critical to the sustainability of the recovery,” said Diane Swonk, chief economist at Mesirow Financial, a financial services company.
When the economy is improving or slipping into recession, many economists say, the household survey does the better job of picking up the shift because it is more likely to detect small business hiring.
The unemployment report was the latest encouraging indicator for the economy. Other reports this week have shown that factories are producing more, construction is growing, and people are buying more cars.