Indiana’s unemployment rate stands at 3.4percent for December and remains lower than the national rate of 4.1 percent. With the exception of one month when it was equal (October 2014), Indiana’s unemployment rate now has been below the U.S. rate for more than four years. The monthly unemployment rate is a U.S. Bureau of Labor Statistics (BLS) indicator that reflects the number of unemployed people seeking employment within the prior four weeks as a percentage of the labor force.
Indiana’s labor force had a net decrease of 14,195 over the previous month. This was a result of 10,696 unemployed residents no longer seeking employment within the past four weeks, and a 3,499 decrease in residents employed. Indiana’s total labor force, which includes both Hoosiers employed and those seeking employment, stands at 3.30 million, and the state’s 63.6 percent labor force participation rate remains above the national rate of 62.7 percent.
Private sector employment has grown by more than 24,400 over the year, and has increased by 6,000 over the previous month, primarily due to gains in the Manufacturing (4,700) and the Private Educational & Health Services (3,500)sectors. Gains were partially offset by losses in the Professional & Business Services (-4,100) and the Financial Activities (-1,900) sectors. Total private employment stands at 2,697,700 and is 20,800 above the November 2016 peak.