Like the state’s jobless mark, the unemployment rate in Clark and Floyd counties dropped slightly in October according to a U.S. Bureau of Labor Statistics report.
The unofficial numbers placed Floyd’s jobless rate at 8.9 percent, down from 9.2 percent in September. Clark’s October unemployment rate was 9.6 percent after being recorded at 9.7 percent in September.
Despite the decline, the counties still accumulated jobless marks more than 1 percent higher last month than in October of 2009.
Indiana’s unemployment rate was also down slightly from 10.1 percent in September to 9.9 percent in October.
“As labor markets continue to show gradual improvement, we will likely see additional declines in the state’s unemployment rate, but at a very slow rate,” said Uric Dufrene, Sanders chair of the Indiana University Southeast School of business.
The number of unemployed Hoosiers dropped by about 6,000 from September to October, according to the BLS report. That puts the total number of jobless in Indiana at about 309,600.
State officials touted that Indiana added about 7,600 private sector jobs in October, with the public and business services sector leading the way by creating 4,500 new positions.
“Overall, private sector employment has increased twice as fast in Indiana as the nation,” said Mark W. Everson, commissioner of the Indiana Department of Workforce Development.
Non-farm payrolls increased by about 6,800 positions last month.
While hiring in manufacturing was basically flat last month, Dufrene said it was encouraging to see the construction added about 2,100 jobs in Indiana as the sector continues to recover from a deep recession.
Other national studies are showing consumer spending is also starting to rebound, Dufrene said.
“As employment continues to increase, we should see consumer sentiment improve, and the consumer will gradually return to higher spending,” he said.
“Additional consumer spending will help accelerate the pace of the recovery.”
Kentucky’s unemployment rate dropped from 10.1 percent to 10 percent in October. While Indiana’s 9.9 percent jobless mark last month was the same rate as October of 2009, Kentucky’s rate declined from a year ago by .7 percent.
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