Unemployment Rate lowest Its been in 20 years

Last time it fell this low was November of 2000

INDIANAPOLIS (December 17, 2021) - Indiana’s unemployment rate for November fell to 3.0% – matching a low the state has not seen in more than 20 years.

In addition, private sector employment has now increased for five of the last six months. This has resulted in a gain of 69,400 jobs from May 2021 to November 2021.

The last time Indiana’s unemployment rate was at this level was in November 2000. It had fallen to 3.1% in December 2019 and stood at 3.2% before the COVID-19 pandemic struck in March 2020.

By comparison, the national rate in November dropped to 4.2%.

“It has been more than 20 years since we saw a 3.0% 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 Commissioner Fred Payne. 

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.

Learn more about how unemployment rates are calculated here: https://www.hoosierdata.in.gov/infographics/employment-status.asp.

Indiana’s labor force had a net decrease of 7,944 over the previous month, due to an increase of 1,705 employed residents and a decrease of 9,649 unemployed residents. These numbers are the lowest since April through June of 2020, just after the pandemic began.

Indiana’s total labor force, which includes both Hoosiers employed and those seeking employment, stands at 3.32 million. The state’s labor force participation rate of 62.5% remains above the national rate of 61.8%. This rate is comparable to the rate at the height of the pandemic nearly two years ago.

Employment by Sector

The monthly increase in jobs can primarily be attributed to:

• Manufacturing (+5,000)
• Leisure and Hospitality (+3,300)
• Professional & Business Services (+2,900)
• Trade, Transportation & Utilities (+2,300)
• Construction (+1,500)

Total private employment stands at 2,689,100, which is 51,400 below the December 2019 peak.

Midwest Unemployment Rates