Indiana’s unemployment rate for November was 3%, down from 3.3% in October and down to its lowest mark in more than 20 years, the state said.
The Indiana Department of Workforce Development, citing Bureau of Labor Statistics data, reported the state’s private sector employment has increased for five of the last six months. This has resulted in a gain of 69,400 jobs between May and November.
The last time Indiana’s unemployment rate was at this level was in November 2000. It had fallen to 3.1% in December 2019 and stood at 3.2% before the COVID-19 pandemic struck in March 2020.
“It has been more than 20 years since we saw a 3% unemployment rate,” said Fred Payne, commissioner of the Indiana Department of Workforce Development. “This, along with private employment showing gains for five of the last six consecutive months are signs of a positive and strengthening economy.”
The monthly unemployment rate is a U.S. Bureau of Labor Statistics indicator that reflects the number of unemployed people seeking employment within the prior four weeks as a percentage of the labor force.
Indiana’s labor force had a net decrease of 7,944 over the previous month, due to an increase of 1,705 employed residents and a decrease of 9,649 unemployed residents. These numbers are the lowest since April through June of 2020, just after the pandemic began, the state reported.
Indiana’s total labor force, which includes both Hoosiers employed and those seeking employment, stood at 3.32 million in November. The state’s labor force participation rate of 62.5% remains above the national rate of 61.8%.
The monthly increase in jobs can primarily be attributed to:
- Manufacturing (+5,000)
- Leisure and Hospitality (+3,300)
- Professional and Business Services (+2,900)
- Trade, Transportation and Utilities (+2,300)
- Construction (+1,500)
Total private employment was 2,689,100 in November, which is 51,400 below the December 2019 peak, the state said.