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Iowa’s Unemployment Rate
Drops to 3.2 Percent in February
DES
MOINES, IOWA – Iowa’s seasonally adjusted unemployment rate dropped to 3.2
percent in February. The state’s jobless rate was 3.8 percent one year ago. The
U.S. unemployment rate decreased to 4.7 percent in February.
“Iowa took
another step towards full employment with the unemployment rate dropping to its
lowest level since 2001,” said Beth Townsend, Director of Iowa Workforce
Development. “A large number of Iowans found work in February. This was evident
in the establishment survey which showed Iowa businesses added 3,000 jobs this past
month.”
The number of unemployed Iowans decreased to 53,600
in February from 56,900 in January. The current estimate is 10,600 lower than
the year ago level of 64,200.
The
total number of working Iowans increased to 1,639,700 in February. This figure was
2,700 higher than January and 1,900 higher than one year ago.
Seasonally Adjusted
Nonfarm Employment
Iowa businesses again
expanded in February, adding 3,000 jobs and lifting total nonfarm employment to
1,580,400 jobs. Last month’s employment experienced a moderate revision
downward and this month’s gain helps recover much of the drop. Private sectors
were responsible for all of the growth this month as government shed jobs
(-500) primarily at the local level. Despite this loss, government remains up
800 jobs annually and the state combined is up 10,900 jobs.
Among private sectors, education and health
services added 1,800 jobs in February to lead all sectors. Education added the
majority of the jobs (+1,300), although healthcare also expanded their payrolls
(+500). Construction added jobs this month (+1,600) and this month’s gain could
signify an earlier than usual start to the building season. Other gains this
month included professional and business services which added jobs for the
fourth-consecutive month, and finance which has steadily trended up since
August. Losses this month were limited to just three sectors and led by leisure
and hospitality (-900). This sector pared jobs evenly in both recreational
activities and hospitality and eating and drinking places. Despite the monthly
loss, this sector has fared well and added jobs annually (+2,000).
Alternatively, information services again trended down this month (-400), as
did manufacturing (-200) due to cutbacks in durable goods.
Annually, total nonfarm employment continues
to slowly add employment and has been fueled by hiring in professional and
business services (+4,200). This sector alone has been responsible for 39
percent of all annual job gains in the state. Finance continues to grow its
footprint in Iowa and is up 3,000 jobs versus last year. Other sectors
experiencing growth annually include trade and transportation (+2,400), education
and health services (+2,000), and leisure and hospitality (+2,000). Annual
losses have been largest in manufacturing (-4,000) and wholly limited to
durable goods factories. Information is the only other sector to pare jobs
versus last year (-1,400).
Visit
www.iowalmi.gov for more information
about current and historical data, labor force data, nonfarm employment, hours
and earnings, and jobless benefits by county.
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