Iowa’s seasonally adjusted unemployment rate inched up to 3.2 percent in October from 3.1 percent a year earlier, according to data released this (Thursday) morning by Iowa Workforce Development (IWD). The state’s labor force participation rate, although slightly decreased from 68.6 percent in September to 68.4 percent, remains 0.3 percent higher than a year ago. The total number of unemployed Iowans increased to 56,000 from 52,800 the prior month. That trend was reflected in the measure of working Iowans, which slipped 8,300 to 1.68 million. IWD Executive Director Beth Townsend says, “October’s numbers demonstrate that national economic pressures and the federal government’s efforts to slow inflation are having an impact on Iowa. As we enter the winter, when we traditionally see higher seasonal unemployment rates, we will most likely see these trends continue.” In October, Iowa employers added 900 jobs, with gains in professional and business services and government hiring, particularly in local education, countering losses in sectors like retail trade, which saw its third consecutive monthly decrease. Meanwhile, education, health services, and manufacturing remain the leading sectors for job growth annually. Nationally, the U.S. unemployment rate rose to 3.9 percent in October, with a labor force participation rate falling to 62.7 percent. Local unemployment numbers are expected to be released early next week. Complete data from IWD report is included with this story on our website.
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