State’s unemployment rate declines to 9.5 percent
The decline marks the third straight month that Indiana’s unemployment rate has fallen, but private-sector jobs actually dropped in December.
The decline marks the third straight month that Indiana’s unemployment rate has fallen, but private-sector jobs actually dropped in December.
The head of the Indiana AFL-CIO says protecting the unemployment benefits paid to jobless workers will be among the union organization's top priorities during the state Legislature's session.
The U.S. Labor Department says applications for unemployment aid rose by 18,000 to a seasonally adjusted 409,000 in the week ending Jan. 1. Applications fell to 391,000 in the previous week, the lowest point since July 2008.
Applications dropped by 34,000, to 388,000, the lowest number since the week of July 12, 2008. The level of applications has either fallen or remained unchanged in five of the past six weeks.
American companies have created 1.4 million jobs overseas this year, compared with less than 1 million in the U.S.
Indiana businesses and the unemployed are both worried about changes that legislators could make to the state's insolvent unemployment insurance program during the upcoming General Assembly.
The recession came to an official end 18 months ago, but Indiana’s unemployment rate hovered around 10 percent.
Indiana’s jobless rate dropped for the second month in a row and has decreased four-tenths of a point since hitting 10.2 percent this summer.
Acting with uncommon speed, Congress sent President Barack Obama sweeping, bipartisan legislation late Thursday night to avoid a Jan. 1 spike in income taxes for millions and renew jobless benefits for victims of the worst recession in 80 years.
Chief regional economist Jim Diffley of IHS Global Insight says Indiana has grown faster than other manufacturing-heavy Midwestern states.
In November, the economy added just 39,000 net jobs and the unemployment rate rose to 9.8 percent. Many economists predict December will be a stronger month for hiring.
With hiring so weak, the unemployment rate rose from 9.6 percent to 9.8 percent. The jobless rate has now topped 9 percent for 19 straight months, the longest stretch on record.
Difficulties adjusting for the Thanksgiving holiday contributed to last week’s spike in new applications, a government analyst said. The four-week moving average of claims, which smooths volatility, fell to 431,000 last week, a two-year low.
The Indiana Department of Workforce Development says as many as 4,000 Hoosiers per week will run out of unemployment benefits beginning Sunday.
A Labor Department analyst said weekly claims are volatile during the week between the Veteran’s Day and Thanksgiving holidays. A key question is whether claims will remain this low in future weeks.
Indiana’s unemployment rate in October dipped to 9.9 percent, marking the first time the rate has been below double digits since March.
The U.S. Labor Department said Wednesday that initial claims for jobless aid dropped by 24,000, to a seasonally adjusted 435,000. Many Wall Street economists expected a smaller decrease.
Newly elected members of Congress will get a reminder Friday of the economic challenges they face in January: The jobs report for October is expected to show hiring weak and unemployment still high. The outlook for 2011 isn't much better.
The government reported Friday morning that the economy expanded at a 2-percent annual rate in the July-September quarter. It marked a slight improvement from the feeble 1.7-percent growth in the April-June quarter.
Indiana’s unemployment rate in September was 0.1 percentage point lower than in August and the same as it was the same month last year. But it remains above the national rate of 9.6 percent.