Indiana’s unemployment rate last month took its largest single-month jump in more than eight years.
Four months ago, Indiana’s unemployment rate had its biggest one-month improvement in more than 20 years. That trend is now going the other direction in August, as the state suffered its largest single-month increase in the unemployment rate since March of 2009.
The Hoosier jobless rate increased by 0.4 percent last month, up to 3.5 percent. That’s its highest rate since April – though it’s still better than the national average and all neighboring states.
The increase comes from significant private sector job loss – 4,900 positions last month. That decline was spurred by jobs shed in the leisure and hospitality, private educational, and health services sectors.
On a positive note, Indiana’s labor force did increase in August after three months of decline. The labor force includes people who have a job or are actively looking for one. And growth in the labor force is typically viewed as a sign of optimism in the economy.