Indiana’s private sector added 7,700 jobs last month and lowered its unemployment rate to 8%.
The unemployment rate fell 0.2% in October, the largest single month drop since April. It also marked a decrease for the second consecutive month after gaining or holding steady for six months.
The state’s private sector job increases were the largest since May. Department of Workforce Development Commissioner Scott Sanders says the state’s job growth over the last year is one of its strongest in a decade, outpacing national trends and creating 67 thousand jobs in the last 12 months.
Indiana’s private sector employment is now at more than 96% of its pre-recession level. And while the unemployment rate has hovered at or above 8% for months, Indiana University economists earlier this month predicted growth over the next year should see the rate drop to around seven percent by the end of 2013.