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Iowa’s Unemployment Rate Remains at 2.7 Percent
DES
MOINES, IOWA – Iowa’s seasonally adjusted unemployment rate remains at 2.7
percent in June. The state’s jobless rate was 3.2 percent one year ago. The
U.S. unemployment rate increased to 4.0 percent in June.
"We are running out of superlatives to describe the low
unemployment in Iowa," said Beth Townsend, Iowa Workforce Development
Director. "Low unemployment combined with the 3,400 additional jobs
created in June, translates to employers struggling to find a qualified,
available workforce. The good news is that Iowa continues with strong
efforts to increase the number of skilled workers in Iowa through programs like
Future Ready Iowa, STEM, Home
Base Iowa and apprenticeship programs, both registered and industry recognized. All our
partners are at the table and working hard to support growth of the workforce
including education, economic developers, business and industry and
nonprofits. We must continue and expand these efforts to ensure that our
workforce growth keeps pace with our economic growth."
The number of unemployed Iowans decreased to 44,900
in June from 46,000 in May. The current estimate is 8,200 lower than the year
ago level of 53,100.
The total number of
working Iowans increased to 1,635,000 in June. This figure was 5,100 higher
than May and 7,900 higher than one year ago.
Seasonally Adjusted
Nonfarm Employment
In June, Iowa
establishments added 3,400 jobs. Whereas private industry gained 500 jobs,
government was responsible for 2,900 jobs added. The majority of these hires
were at the local level. The gain was due to a larger than expected seasonal
expansion in local areas adding public staff for summer activities. Government
has now risen 1,600 jobs above last year’s mark, while the state combined now
rests up 15,900 jobs beyond last June. This month’s increase is the
second-consecutive gain and the fourth overall monthly expansion for 2018.
Construction added jobs for the fifth
consecutive month in June (+900) and has more than rebounded following a downturn
last year. With this gain, construction has now added 4,900 jobs since January.
Fueled by gains in healthcare, the education, healthcare and social assistance
super sector again trended up this month. This is the second straight gain
following unexpected losses in March and April. The only other notable gain
this month occurred in manufacturing (+300) with all of the increase stemming
from nondurable goods factories, specifically food manufacturers. On the other
hand, losses this month were heaviest within professional and business services
(-600). The biggest drop came from administrative support and waste management
services and was related to unexpected declines for firms involved with
staffing and cleaning services. In the wake of the recent flooding in Iowa,
these sectors may see a spike in the July estimates for these industries. All
other losses were small this month and included trade and transportation,
financial activities, and other services.
Manufacturing continues to lead all sectors
with 9,800 jobs added over the past twelve months. Durable goods factories
leads its nondurable goods counterpart in terms of jobs with 7,200 added versus
2,600 in
nondurable goods factories. Two of the largest segments of manufacturing, food
manufacturing and machinery manufacturing, have both fared well during that
span. The professional and business services sector experienced a slight loss
this month but is up 2,600 jobs due to growth in the professional, scientific,
and technical services sector. Finance also remains markedly up despite small
losses in each of the last two months. Losses have been limited to other
services, trade and transportation, and education and health services.
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.
MEDIA ALERT: Click here or call (515) 281-6057 to access
an audio cut of comments about Iowa's labor market situation. Local data for June will be posted to the IWD
website on Tuesday, July 24, 2018.
Statewide data for July 2018 will be released on
Friday, August 17, 2018.
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