For the first time in a year, Indiana’s unemployment rate hit 3% but is still lower than the national unemployment rate. (Graphic from the Department of Workforce Development)
Indiana’s unemployment rate remained below the national rate, 3% compared to 3.7%, even as it ticked up higher than September’s low rate of 2.8%, according to the Department of Workforce Development. Indiana has had an unemployment rate under 3% for more than a year.
The unemployment rate is seasonally adjusted, a statistical technique to equalize month-to-month employment changes due to seasonal events like changing weather, harvests, major holidays and school schedules.
The U.S. Bureau of Labor Statistics notes that seasonally adjusting unemployment rates makes it easier for analysts to observe underlying trends unrelated to changes in the seasons.
The labor force participation rate sat at 63.3% for October, higher than the national rate of 62.2%. Nearly 3.4 million Hoosiers are either employed or seeking employment.
Over the last month, the private sector added 6,900 jobs. Compared to this time last year, the state has gained 83,000 jobs. October’s biggest job increases came from the following sectors:
- Manufacturing added 2,800 jobs
- Private Educational and Health Services added 1,900 jobs
- Trade, Transportation and Health Services added 1,700 jobs
- Financial Activities added 1,200 jobs
- Leisure and Hospitality added 1,100 jobs
DWD reported that the state had 142,024 job openings as of Nov. 16 and 17,622 Hoosiers were receiving unemployment benefits. To peruse the openings, Hoosiers can visit NextLevelJobs.org.
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