Unemployment rate in Indiana drops

The Indiana Department of Workforce Development reported Friday the unemployment rate in Indiana has dropped.

The department stated Indiana’s unemployment rate dropped 0.3 percent to 8.4 percent in February 2012. The nation’s unemployment rate is 8.3 percent.

“The drop in the unemployment rate is good news, as is the decline in initial claims in unemployment insurance to levels not seen since 2005,” said Mark W. Everson, Commissioner of the Department of Workforce Development. “We also continue to see Hoosiers return to the workforce. Since February 2011, Indiana’s labor force grew by 40,600 or 1.3 percent, outpacing the national growth and in sharp contrast to our neighboring states that saw their labor forces shrink.”

Private sector jobs were unchanged this month.  However, Everson said Indiana has seen private sector jobs grow by 5 percent since the 2009 low point of employment in the state, compared to the national growth of 2.9 percent. 

Additionally, due to the improvement in the unemployment rate, the state is no longer eligible for Extended Benefits (EB), the last 20 weeks of federally funded extended benefits. According to federal law, Hoosiers will be unable to file for EB beginning Sunday, April 29, 2012. Approximately 10,000 Hoosiers are currently receiving extended benefits.