INDIANAPOLIS — Indiana's unemployment rate for November fell to 3%, which is a low point the state has not seen in more than 20 years.
The Department of Workforce Development also released Friday that Indiana saw a gain of nearly 70,000 jobs from May to November.
“It has been more than 20 years since we saw a 3% unemployment rate. This, along with private employment showing gains for five of the last six consecutive months are signs of a positive and strengthening economy,” said Fred Payne, DWD commissioner.
The unemployment rate is now even lower than it had been prior to the pandemic.
Here is a breakdown of where most of the increase in jobs came from:
• Manufacturing (+5,000)
• Leisure and Hospitality (+3,300)
• Professional & Business Services (+2,900)
• Trade, Transportation & Utilities (+2,300)
• Construction (+1,500)
Nationally, the unemployment rate dropped to 4.2% in November.
On Thursday, it was announced that the number of Americans applying for unemployment benefits rose last week despite signs that the U.S. labor market is rebounding from last year's coronavirus recession.
Jobless claims rose by 18,000 to a 206,000, still low by historical standards. The four-week average, which smooths out week-to-week volatility, fell by 16,000 to less than 204,000, the lowest level since mid-November 1969, according Department of Labor figures released Thursday.
Altogether, 1.8 million Americans were receiving traditional jobless benefits the week that ended Dec. 4, down by 154,000 from the previous week.
Weekly claims, which are a proxy for layoffs, have fallen steadily most of the year since topping 900,000 one week in early January. They are now below the 220,000-a-week level typical before the coronavirus pandemic slammed the U.S. economy in March 2020; COVID-19 forced consumers to stay home as health precaution and businesses to close or reduce hours and to lay off staff. In March and April last year, employers shed a staggering 22.4 million jobs.