(The Center Square) – Indiana has the fifth-best rate of unemployment in the nation at 2.2%, according to a report from the U.S. Bureau of Labor Statistics. The Indiana rate has remained steady for the past three months.
Neighboring states all posted higher unemployment than Indiana with Kentucky at 3.8%, Ohio 3.9%, Michigan 4.3% and Illinois 4.6%. The national unemployment rate is 3.6%.
Unemployment claims in Indiana fell 19% versus the same week last year but remains higher than pre-pandemic levels, according to a report by WalletHub. More than 17,000 people received jobless benefits in May according to a reportreleased today by the The Indiana Department of Workforce Development.
Indiana appears to be in a state of full employment, usually defined by economists as an unemployment rate of about 5% or lower.
Nearly 160,000 open jobs were posted in Indiana at the start of June compared to about 94,000 people available for and actively seeking employment, according to the DWD. Nearly another 100,000 Hoosiers want work but are not currently looking, the report said.
“While the number of people working in the private sector is at a new high, there remains numerous available job opportunities throughout Indiana,” DWD Commissioner Fred Payne said in a statement. “More and more Hoosiers have spent the last several months reassessing their career and career goals, and the May employment report shows individuals continue to return to the workplace.”
Indiana’s workforce participation rate rose slightly to 62.9% in May as some 16,000 Hoosiers entered the workforce. The state’s total labor force stands at about 3.4 million people, which includes both the employed and job seeks.
May saw an increase of 5,300 private sector jobs in Indiana, and 2,400 jobs in manufacturing according data from the state’s website.
Indiana 5th best in unemployment, number of claims dropping