September Unemployment Report Shows Slight Improvement
October 25, 2016
The Indiana Department of Workforce Development has released the September Unemployment Report. The rate for Huntington County was reported at 3.8% down from 4.2% in August. The rate for Huntington County started the year at 4.7% and peaked at 5.0% in March. The September rate for Huntington County equals the May report for the lowest rate in 2016.
The report indicates there are 605 more people in the total labor force than one year ago and 505 more people employed. The total listed as unemployed in the September report (covering the period August 11 - September 10) is 738 compared to the peak of 2,977 recorded in June of 2009.
Nationally, the U.S. Bureau of Labor Statistics (BLS) data includes detailed updates on such metrics as the "U-1 Unemployment Rate" defined as persons unemployed 15 weeks or longer. The U-1 rate nationally for September stood at 2.0%, suggesting that members of the labor force who do experience unemployment are able to secure new opportunities in a relatively short time compared to the historical 99 week eligibility for unemployment benefits needed during the height of the recession in 2009 and 2010. The BLS also reported unemployment rates based on educational attainment. The data demonstrates that the higher the level of a worker's educational attainment, the lower their unemployment rate.
The State of Indiana posts a disclaimer with their report, "These estimates are prepared in cooperation with the U.S. Bureau of Labor Statistics (BLS) and have been adjusted to the current population survey (CPS) for use in allocating federal funds. Because of irregular fluctuations in month to month changes, the reader should use caution when viewing these estimates as indicators of economic change."
"The economy is very dynamic," said Mark Wickersham, executive director of the Huntington County Economic Development Corporation. "The September report is very encouraging but it's not a reason to relax our efforts to help create additional opportunities," he concluded.