Local News
Unemployment rates increase in Kokomo, Indiana
Howard County’s 12.5 percent jobless rate is 10th in state.
October’s unemployment rates for both Indiana and Kokomo show slight increases, while Tipton’s rate fell.
Unemployment figures from the Indiana Department of Workforce Development indicate the state’s unemployment rate rose from September’s 9.7 percent to 9.8 percent in October.
In October 2008, Indiana’s unemployment rate stood at 6.4 percent and Kokomo’s was 8.6 percent.
The Kokomo Metropolitan Statistical Area shows an October jobless rate of 12 percent, up from September’s 11.8. Tipton, part of the Kokomo MSA, saw a decrease from 10.6 percent to 10 percent in October.
Howard County’s unemployment rate was 12.5 percent; Indiana’s 10th highest.
The Elkhart-Goshen MSA continued to have the state’s highest rate of 14.9; down from September’s 15.1 percent
Out of Indiana’s 34 cities with populations more than 25,000, Kokomo’s 13.4 percent was the third highest. Elkhart was the highest with 17.4 percent.
Indiana has been above the national unemployment rate of 10.2 percent since late last fall, but last month’s jobless rate placed the Hoosier state under the national average.
“Indiana’s unemployment rate has held relatively steady for the past three months despite a steadily climbing national rate,” said Teresa Voors, commissioner of the Indiana Department of Workforce Development. “However, a projected soft holiday retail season combined with a slump in manufacturing and hospitality employment tempers my optimism concerning the coming months.”
Voors said Indiana reported the largest employment declines in manufacturing — mostly attributed to a slowdown in domestic automobile manufacturing following a temporary Cash for Clunkers spike — and leisure and hospitality. Sectors reporting large job increases include construction, professional and business services and financial activities.
There were 291,000 Hoosiers seeking employment in October, up from September’s 289,000. The IDWD figures show a decrease in the state’s labor force.
It is a statistic indicating “there are people dissatisfied with their jobs who have quit or have enrolled into college,” said Michael Hicks, director of the Center for Business and Economic Research at Ball State University. “I expect the jobless rate to go up and down: Stabilize and drop. I see a few good months that will be followed by a couple of bad months. It’s going to be uneven for a while.”
Earlier this month, Indiana University Kelley School of Business economists participating in the Business Outlook and Public Policy Panel Discussions predicted a slow recovery ahead. Panelists predicted the national labor market will lag behind output and unemployment will peak above 10 percent. Payrolls should add nearly 2 million jobs by year’s end. Inflation will remain low through 2010 due to cautious consumer spending and continued high unemployment.
Jerry Conover, director of the Indiana Business Research Center, said, “We forecast some economic growth for Indiana in the year ahead.”
Kokomo is hoping for some of that growth.
Within the last month, Zuna Infotech — an information technology startup business — plans to bring 400 jobs to the area, and Neupath Engineering Opportunities began operating at the Inventrek Technology Park.
And more jobs may be headed to the City of First.
“At the business outlook panel, they said it would be a slow recovery,” said Jeb A. Conrad, president and CEO of the Greater Kokomo Economic Development Alliance, “I expect with the seasonal employment, it will go up again. But I feel it is starting to stabilize and that’s good. We have a couple of things going on with some projects and we are competing for other businesses.
“The current [unemployment] rate is reflective of a slow recovery for Kokomo, Howard County, Indiana and the nation. We are optimistic about the coming months, which should see increased consumer confidence and seasonal hiring leading into 2010.”
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