Economists Think Near-Record Jobs Creation May Be Near
December 30, 2014 — Eric Berman, Network Indiana —
A near-record number of Hoosiers are working, and the state may break that record when December job numbers are released next month.
Preliminary numbers for November show three-million Hoosiers with jobs — just 19-hundred short of the record set in May 2000. The state has added at least that many jobs in nine of the last 10 months.
Ball State economist Michael Hicks says the milestone suggests Indiana‘s economy has turned a corner after a slow ebbing of jobs over the last two decades. He says the growth in the workforce shows that workers are beginning to move into Indiana instead of out.
Because Indiana‘s workforce is growing, unemployment isn‘t falling as fast as employment is climbing. The five-point-seven-percent jobless rate is the lowest in more than six years, but the state has added three-thousand unemployed since reaching a six-year low in May. When Indiana set the jobs record in 2000, unemployment was three-percent.
Hicks suggests it may be difficult to push the jobless rate much lower. With disruptions in the manufacturing sector, he says many of those now unemployed may need training in new skills before they can land new jobs.