Indiana’s unemployment rate drops to 5.0 percent for October, and the national rate is 6.9 percent. The monthly unemployment rate is a U.S. Bureau of Labor Statistics (BLS) indicator that reflects the number of unemployed people seeking employment within the prior four weeks as a percentage of the labor force.
Taking a local look, Marshall County has moved up to 41st in the list of 92 counties with a rate of 4.2. Last month the county was ranked 55th with an unemployment rate of 4.7, an improvement from the August rate of 5.3.
Looking at the counties surrounding Marshall you will find LaPorte at number 4 on the list of counties with an unemployment rate of 6.3, a huge improvement from their September rate of 7.7 and 8.8 rate in August. Next is St. Joseph County at number 6 with a rate of 6.1 another improvement from last month’s 7.3 rate and their August rate of 8.2. Starke County moved up to 8th on the list of counties with a rate of 5.4. They had a rate of 6.1 last month and a 6.7 in August.
Continuing to look at the counties that surround Marshall you will find while Elkhart County at 37th on the list of counties with a rate of 4.2, more than a full point improvement from their September rate of 5.3. Their August rate was 6.1. Fulton County is listed at 38th with a rate of 4.2. Last month their rate was 5.1. and August they had a rate of 5.7. Rounding out the list is Kosciusko County with a rate of 4.0 ranking them 47th in the state. In September they had a rate or 4.9 and their August rate was 5.4. Pulaski County had a rate of 5.4 in August and 4.8 in September. Their October rate is 3.9 and ranks them 54 of the 92 counties.
Indiana’s labor force had a net decrease of 7,271 over the previous month. This was a result of a decrease of 41,803 unemployed residents and an increase of 34,532 employed residents. Indiana’s total labor force, which includes both Hoosiers employed and those seeking employment, stands at 3.34 million, and the state’s 63.1 percent labor force participation rate remains above the national rate of 61.7 percent.
Learn more about how unemployment rates are calculated here: http://www.hoosierdata.in.gov/infographics/employment-status.asp.