Indiana’s unemployment rate fell again to a new record low of 2.2% in March, down from 2.3% in February, which had been the lowest rate in the state since at least 1976.
The March rate was the lowest in Indiana history since the U.S. Bureau of Labor Statistics started measuring the jobless rate in the current manner. Indiana’s jobless rate has fallen or remained the same every month since May 2020, when joblessness first started to decline after a huge spike at the start of the coronavirus pandemic.
The national jobless rate was 3.6% in March, down from 3.8% in February.
“The latest employment data continues to show a positive trend with Indiana’s labor force,” Indiana Department of Workforce Development Commissioner Fred Payne said. “We are encouraged by the increase in private employment and the labor participation rate. This is a great time for those out of the labor force to take advantage of the open job opportunities that could lead to economic mobility.”
Indiana’s labor force is the total number of people working and actively seeking work as extrapolated from a phone survey. According to the Indiana Department of Workforce Development, a total of 3.26 million Hoosiers were working in February while 91,104 were unemployed and seeking work, or available to work now.
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Contrary to popular belief, the unemployment rate is not tied to the number of people receiving unemployment benefits, who totaled 22,013 in February.
There were 3.33 million Hoosiers participating in the labor force in March, an increase of 16,304 from the previous month. The labor force participation rate was 62.4% as compared to 62.1% in February and 62.4% of people nationwide, according to the DWD.
There are now 2.75 million Hoosiers working in the private sector, a preliminary new peak in the Hoosier State.
Private-sector employment in Indiana has risen by 101,500 year-over-year and 7,300 jobs in March. Last month, the Hoosier state gained 2,200 jobs in private education and health services, 2,100 in manufacturing, 1,400 in construction and 1,300 in financial activities.
Indiana currently has an estimated 154,713 open job postings around the state.
In Illinois, unemployment fell from 4.8% in February to 4.7% in March.
Illinois gained 18,300 jobs in March, according to the Illinois Department of Employment Security. Last month, the state added 9,700 jobs in professional and business, 3,800 in financial activities and 3,500 in leisure and hospitality.
The state lost 3,500 jobs in trade, transportation and utilities, 1,200 in other services and 100 in mining.
Illinois’s unemployment rate was 1.1 percentage point higher than the national average and down 2 percentage points from a year ago.
“With the unemployment rate falling and thousands of jobs being added in key industries, such as hospitality and professional services, Illinois continues on a positive economic trajectory,” said Illinois Department of Commerce and Economic Opportunity Director Sylvia I. Garcia. “DCEO remains laser-focused on prioritizing efforts to attract job creators while supporting an equitable economic recovery for all Illinoisans.”
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