Unemployment rate falls, despite job losses
Indiana’s private sector lost nearly 6,000 jobs in September, the first decline in nearly a year. Yet the state’s employment rate also fell for the first time since April.
Indiana’s unemployment rate had gone up or held steady for five months while, at the same time, the private sector created jobs.
Last month, that trend changed as the unemployment rate fell to 8.2%. University of Indianapolis economist Matt Will says while September’s jobs report isn’t positive, it also isn’t time to panic.
Will says month-to-month employment data on the state level tends to be inaccurate and that, to get a good picture, you have to look at trends.
“If for two or three months we see private sector jobs declining, then I’d be concerned," Will said. "Right now, it’s an anomaly. I would not be that concerned about it.”
Will says part of the reason Indiana’s unemployment rate dropped last month was a decline in the number of people looking for work. He says that’s happening nationwide and could indicate trouble in the future.