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Iowa Economy Gains 2,300 Jobs in October

DES MOINES, IOWA – Iowa’s seasonally adjusted unemployment rate remained at 6.0 percent in October, while the number of unemployed dropped below 100,000 for the first time since November 2009. The statewide jobless rate was reported at 6.2 percent one year ago. Iowa’s unemployment rate continued to compare favorably with the U.S. rate, which eased down to 9.0 percent in October from 9.1 percent in September.
“The Iowa labor market rebounded in October with a job gain of 2,300,” said Teresa Wahlert, director of Iowa Workforce Development. “The improved employment picture for October raised hopes for a stronger hiring pattern in fourth quarter, and also allayed fears of another recession.”

The statewide estimate of unemployed workers dropped to 98,900 in October from 100,100 in September. The state’s pool of unemployed workers stood at 103,000 one year ago.

The total number of working Iowans edged down to 1,558,200 in October from 1,560,800 in September. The figure stood at 1,569,500 one year ago.

Seasonally Adjusted Nonfarm Employment
Total nonfarm employment grew by 2,300 jobs in October, lifting employment to 1,484,400. The October increase reversed two consecutive months of job losses that marked a weak performance in third quarter. Job gains in October were heavily concentrated in the good-producing industries of construction and manufacturing.

Construction and manufacturing tied for the most jobs added in October, up 1,300 each. Within manufacturing, nondurable goods plants increased by 900 jobs, while durable goods plants advanced by 400 jobs. In the service-providing industries, education and health services posted a large gain of 1,100. Other services grew by 900 with much of the increase reflected in membership associations and organizations. Local government had the most adverse effect on payroll employment in October, decreasing by 1,400. Other job losses occurred in leisure and hospitality (-900), finance (-700), wholesale trade (-400), and transportation (-200).

Compared to last year, nonfarm employment has added 13,200 jobs. Manufacturing contributed the most jobs over the year, up 6,800. Other sectors also grew by substantial numbers from last October: trade and transportation (4,500), education and health services (4,500), leisure and hospitality (3,700), and construction (2,600).

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