Iowa’s unemployment rate reaches 5.2 percent
Iowa’s unemployment rate rose to 5.2 percent in March, as most of the state’s industries experienced job cuts.
“The sharp drop in March payrolls underscores the current weakness in Iowa’s job market,” said Elisabeth Buck, director of Iowa Workforce Development, in a release. “In March, job losses were broad-based and suggested that a significant turnaround in the state’s employment situation is not likely to occur in the near future.”
The unemployment rate was 4.9 percent in February and 3.9 percent in March 2008. The U.S. unemployment rate increased to 8.5 percent in March from 8.1 percent in February.
Statewide nonfarm employment contracted by 10,700 in March. Construction lost 2,900 jobs, the largest decrease, while professional and business services declined by 2,700 jobs and leisure and hospitality lost 1,700. The only increases were in finance and government.
Iowa has shed 32,400 jobs during the past year, with manufacturing employment decreasing by 20,400 jobs and professional and business services dropping by 10,500. Meanwhile education and health services have added 3,900 jobs and retail trade has advanced by 1,900.
Initial claims for unemployment insurance were up 197.3 percent in March 2009 from a year ago and continued claims were up 89.9 percent.