Unemployment Rate Continues Downward TrendPosted: Updated:
Indiana is reporting its lowest unemployment rate in nearly six years. The state announced Friday the March rate was 5.9 percent, down from 6.1 percent in February. Indiana added 3,200 private sector jobs last month. April 18, 2014
INDIANAPOLIS, Ind. - Indiana's seasonally-adjusted unemployment rate continued to drop further below the national rate in March. At 5.9 percent, the rate of unemployment in the Hoosier State is now at its lowest point since July 2008 and has declined by 2 percent over the year, which was the third largest decline in the nation.
Indiana's labor force increased again in March, marking the sixth straight month of labor force increases. The Hoosier labor force has grown by more than 25,000 in the first quarter of 2014.
The Hoosier State added 3,200 private sector jobs in March. Indiana ranks eighth in the nation in total private sector job growth since July, 2009, the low point of employment in the state. During that time, Indiana has grown 215,500 private sector jobs. Over the past year, Indiana's manufacturing job growth of 12,700 leads the nation, solidifying its position as the state with the largest percentage of manufacturing jobs as a portion of the private sector in the country.
"Indiana's unemployment rate is now below six percent for the first time since July of 2008," said Scott B. Sanders, Commissioner of the Indiana Department of Workforce Development. "Our rate has dropped by two percentage points in one year, which is the third largest decline in the nation. The Hoosier labor force has grown by more than 25,000 in the first quarter of 2014 alone, which is also remarkable."
Sanders also noted claims for state unemployment insurance in March were nearly 10,000 below March 2013 levels and are at their lowest since 2007. Initial claims for unemployment insurance are at their lowest levels since 2000.
Employment by Sector
Sectors showing gains in March include: Leisure and Hospitality (3,300), Construction (700), Private Educational & Health Serivces (500), Manufacturing (300) and Professional & Business Services (300). Sectors showing decline in March include: Trade, Transportation & Utilities (-2,700), and Financial Activities (-600). Total non-farm employment increased in March (4,600).
Source: The Indiana Department of Unemployment