Mike Wolanin | The Republic The exterior of The Commons with the Bartholomew County Courthouse pictured in the background in downtown Columbus, Ind., Tuesday, Jan. 24, 2017.
Unemployment in Bartholomew County increased in November, but remained lower than the national rate and among the lowest in Indiana, according to figures released Wednesday by the Indiana Department of Workforce Development.
The unemployment rate in Bartholomew County was 3% last month, up from 2.3% in November 2022 and tied for the sixth lowest among counties in the state, according to the new figures.
U.S. unemployment was 3.7% in November, up slightly from 3.6% in November 2022. In Indiana, the jobless rate was 3.7% last month, up from 3.2% a year earlier.
In Jackson County, unemployment increased from 2.6% in November 2022 to 2.9% last month, while the jobless rate in Jennings County rose from 3% to 3.3% over the same period.
The update from state officials came nearly a week after the federal government reported that number of Americans applying for unemployment benefits rose slightly but still remained at historically low levels despite high interest rates intended to slow hiring and cool the economy, The Associated Press reported.
The Labor Department reported last week that jobless claims were up by 2,000 to 205,000 the week that ended Dec. 16. The four-week average of claims, which smooths out week-to-week ups and downs, fell by 1,500 to 212,000.
Overall, 1.87 million Americans were collecting jobless benefits the week that ended Dec. 9, little changed from the week before.
In Bartholomew County, 28 workers filed initial jobless claims the week ending Dec. 16, down from 35 the week before, according to the Indiana Department of Workforce Development.
A total of 158 Bartholomew County workers were drawing jobless benefits as of the week ending Dec. 9, down from 166 the week before, according to the most recent data available.
The Federal Reserve began raising interest rates last year to combat the inflation that surged as the result of an unexpectedly strong economic rebound from the COVID-19 recession of 2020, according to wire reports. The Fed has raised its benchmark rate 11 times since March 2022.
Inflation has eased and consumer prices were up 3.1% from a year earlier, down from a four-decade high 9.1% in June 2022 but still above the Fed’s 2% target. The Fed has left rates alone at its last three meetings — most recently last week — and is now forecasting that it will reverse policy and cut rates three times next year.
When the Fed started raising rates, many economists predicted that the United States — the world’s largest economy — would slide into recession, according to wire reports. But the economy and the job market have proven surprisingly resilient. The unemployment rate, for example, has come in below 4% for 22 straight months, the longest such streak since the 1960s. Hiring has slowed but remains healthy.
The combination of decelerating inflation and low unemployment has raised hopes that the Fed is managing a so-called soft landing — raising rates just enough to tame inflation without causing a recession.
