Iowa unemployment rate drops to 5.2 percent
Iowa’s unemployment rate fell to 5.2 percent in March from 5.3 percent in February, according to Iowa Workforce Development. One year ago, the state’s jobless rate was at 5.9 percent.
The U.S. unemployment rate inched down to 8.2 percent in March from 8.3 percent in February.
“The state’s economic recovery has gained traction over the past seven months,” said Teresa Wahlert, director of Iowa Workforce Development, in a press release. “A stronger hiring pattern has caused Iowa’s unemployment rate to fall from 5.9 percent in September 2011 to 5.2 percent in March 2012.”
The number of unemployed Iowans edged down to 87,000 in March from 88,200 in February. The current month’s estimate is 12,200 lower than the year-ago level of 99,200.
Iowa’s total nonfarm employment declined by 1,600 in March, bringing the level to 1,490,500. The slight decrease for March followed two strong monthly gains. The construction and manufacturing sectors continued to post healthy job gains, while the service sectors showed some weakness.
Manufacturing added 2,400 jobs in March, while construction advanced by 1,300, the third consecutive increase for the sector.
Trade and transportation, however, lost 2,500 jobs in March, the most of any sector. Retail trade decreased by 1,900 jobs, following the national trend. Leisure and hospitality and government incurred job losses of 1,300 each.