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Indiana continues record unemployment decline

INDIANAPOLIS (Inside INdiana Business) — Indiana’s unemployment rate fell to 2.4% in January, down from 2.7% the previous month. The Indiana Department of Workforce Development says the state added nearly 1,500 private sector jobs last month.

The unemployment rate continues a record low for the state that dates back to 1976 when the current method for calculating unemployment rates began.

The DWD says the addition of the new jobs was primarily due to growth in the construction and financial activities sectors.

The state’s total private employment stands at 2.73 million, just shy of the December 2019 peak of 2.74 million.

“With a 2.4% unemployment rate in January, even lower than the previous month, Indiana continues to outperform the nation as a whole,” DWD Commissioner Fred Payne said in written remarks. “The low unemployment rate coincides with significant year-over-year job growth indicating that Indiana is trending in the right direction.”

Figures from the U.S. Bureau of Labor Statistics show Indiana’s labor force had a net increase of more than 1,500 over the previous month. The state’s total labor force, which includes Hoosiers who are either employed or seeking employment, stands at 3.3 million for January.

The national unemployment rate ticked up slightly from 3.9% to 4% in January. Indiana continues to have the lowest unemployment rate in the Midwest, with Minnesota and Wisconsin following at 2.9% and 3%, respectively.