Indiana’s unemployment rate was 8.7 percent in March, unchanged from the previous month as the state lost about 11,000 private sector jobs, an indication that the national slowdown is being felt here, says Ball State economist Michael Hicks.
“Nationally, full time job creation numbers have been declining or stagnant throughout 2013,” he says. “It was inevitable that the factors weighing on the national economy, including higher payroll taxes, a lagging European economy and continued uncertainty regarding labor costs into 2014 as a result of the Affordable Care Act, would come home to roost in Indiana.”
The resiliency and relative strength of Indiana’s economy remains the one bright spot in this report, says Hicks, director of Ball State’s Center for Business and Economic Research.
“With job losses of 11,000 we still see overall job numbers over the past year exceeding all but a few states,” he says. “Moreover, we enjoy a growing labor force, which speaks well to long term prospects. Still, these numbers are bad, and with a worsening national economy, employment data are likely to disappoint for months to come.”
For more information, contact Hicks at mhicks@bsu.edu or by cell phone at 765-716-3625.
