Unemployment slides in four-county area

Article provided by KPC Media

INDIANAPOLIS — All four counties in northeast Indiana posted unemployment rates of 3.0 percent or lower in October, data from the Indiana Department of Workforce Development said Monday.

As has been the case for months, LaGrange County had the lowest unemployment rate in the four-county area at 2.4 percent. That was followed by Steuben at 2.6 percent, DeKalb at 2.8 percent and Noble at 3.0 percent. LaGrange and DeKalb counties saw their unemployment rates drop by one-tenth of a percentage point while Noble and Steuben saw drops of two-tenths of a percentage point.

While seasonal declines in the labor force occurred, there also were decreases in the number of people employed. LaGrange was the low with 467 unemployed, followed by Steuben (526), DeKalb (612) and Noble (671).

Meanwhile, Indiana’s unemployment rate stands at 3.9 percent for October and remains lower than the national rate of 4.1 percent.

With the exception of one month when it was equal (October 2014) Indiana’s unemployment rate now has been below the U.S. rate for four full years.

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 11,694 over the previous month, which was a result of 2,351 unemployed residents seeking employment and a 14,045 decrease in residents employed. Indiana’s total labor force stands at 3.33 million, and the state’s 64.2 percent labor force participation rate remains above the national rate of 62.7 percent.

In addition, Indiana’s initial and ongoing unemployment insurance claims are at historical lows.