Iowa Hits Positive Milestone Regaining All Jobs Lost During Pandemic, Unemployment Rate Ticks Up As National Rate Increases

Iowa Workforce Growth Communications
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Date: November 17, 2022
Contact: Jesse Dougherty
Phone: 515-725-5487
E mail:  communications@iwd.iowa.gov

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Iowa Hits Constructive Milestone Regaining All Jobs Misplaced Throughout Pandemic

Unemployment Price Ticks Up As Nationwide Price Will increase 

DES MOINES, IOWA – Iowa’s labor drive participation fee held regular at 67.7 p.c regardless of the seasonally adjusted unemployment fee growing to 2.9 p.c in October. The rise final month got here as greater than 2,200 Iowans joined the labor drive on the lookout for work and employers added 4,500 jobs throughout a variety of sectors.

The Iowa jobless fee was 2.7 p.c in September and 4.0 p.c one 12 months in the past. Compared, the U.S. unemployment fee rose to three.7 p.c in October, and the nationwide labor drive participation fee fell to 62.2 p.c. 

“Sturdy hiring throughout the state, together with in October, has helped Iowa regain a complete of 170,700 jobs—overcoming the 169,800 jobs misplaced for the reason that starting of the pandemic,” mentioned Beth Townsend, Director of Iowa Workforce Growth. “IWD stays dedicated to pairing job seekers with a profitable profession and with employers keen to construct their workforce.” 

The entire variety of unemployed Iowans elevated to 49,700 in October however stays 16,600 decrease than a 12 months in the past.

There have been 1,662,400 working Iowans in October – 900 fewer than September however 51,600 greater than a 12 months in the past.

Seasonally Adjusted Nonfarm Employment

In the meantime, a separate survey of employers discovered that Iowa companies added 4,500 jobs in October, lifting complete nonfarm employment to 1,584,600 jobs – or 900 above the comparable determine from March 2020. The October enhance was largely as a consequence of hiring in personal service industries, notably leisure and hospitality and well being providers. Items-producing industries skilled modest will increase in each manufacturing and building. Authorities employment decreased for the second month in a row in October (-200) as a consequence of slight declines in native authorities. Regardless of this month’s loss, authorities now rests up 4,600 jobs and complete nonfarm employment has risen 44,700 jobs above final 12 months’s mark.

Leisure and hospitality gained 2,300 jobs in October to guide all sectors. This marks the seventh consecutive achieve for this super-sector stretching again to March. Lodging and meals providers had been answerable for many of the hiring (+1,800), though arts, leisure, and recreation superior by 500. Well being care and social help additionally added jobs in October (+1,500). This enhance is the third within the final 4 months with 3,200 jobs added since June. Hiring was properly stratified on this sector between clinics, hospitals, and social help industries. Smaller positive aspects in October included retail commerce (+700) and manufacturing (+500), which has now elevated in each month stretching again to November 2021. Monetary actions added 500 jobs and was bolstered by positive aspects in insurance coverage carriers and associated actions. Job losses this month had been slight and included info (-400) {and professional} and enterprise providers (-200).

Since final October, no sector has added extra jobs than leisure and hospitality (+14,900). Following this month’s enhance, leisure and hospitality now has eclipsed the pre-pandemic ranges and is now at a brand new all-time excessive in October. Lodging has been answerable for many of the progress (+10,300). Manufacturing has gained 9,100 jobs over the previous 12 months, with hiring being strongest on the nondurable items stage (+6,300). The one main annual loss was info, down 900 jobs in comparison with final 12 months.

MEDIA ALERT:  Native information for October 2022 shall be posted to the IWD web site on Tuesday, November 22, 2022.  Statewide information for November 2022 shall be launched on Thursday, December 15, 2022 at 9 a.m.
 

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