Indiana’s unemployment rate dropped to 5% for October, below the national rate of 6.0%, the Indiana Department of Workforce Develo[pment said today.
Indiana’s labor force had a net decrease of 7,271 from the previous month, the department said in a statement. 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% labor force participation rate remains above the national rate of 61.7%.
Private sector employment has decreased by 83,900 during the year and increased by 23,300 from the previous month. The monthly increase is primarily because of gains in the Trade, Transportation and Utilities (8,600), the Professional and Business Services (7,400) and the Leisure and Hospitality (3,600) sectors. Gains were offset by a loss in the Construction (-900) sector. Total private employment stands at 2,645,400, which is 103,900 below the January 2019 peak.