Unemployment in Bartholomew County increased in May but remained lower than the national and state rates, according to figures released by the Indiana Department of Workforce Development.
The jobless rate in Bartholomew County was 3.5% in May, up from 2.8% in May 2023, the figures show.
U.S. unemployment was 4% last month, up from 3.7% in May 2023. In Indiana, the jobless rate was 3.7% in May, up from 3.2% a year earlier.
In Jackson County, unemployment increased from 3% in May 2023 to 3.4% last month, while the jobless rate in Jennings County rose from 3.2% to 3.6% over the same period.
The update from state officials came as federal officials reported that fewer people applied for unemployment benefits last week but the total number of Americans collecting jobless benefits rose to the highest level in more than two years, The Associated Press reported.
The Labor Department reported Thursday that jobless claims for the week ending June 22 fell by 6,000 to 233,000 from 239,000 the previous week.
However, the total number of Americans collecting unemployment benefits rose for the eighth straight week, to 1.84 million, for the week of June 15. That’s the most since November of 2021.
In Bartholomew County, 28 workers filed initial unemployment claims the week ending June 22, up from 21 the week before, according to the most recent data from the Indiana Department of Workforce Development.
Overall, 131 Bartholomew County workers were drawing jobless benefits the week ending June 15, up from 122 the week ending June 8.
The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an attempt to extinguish the four-decade high inflation that shook the economy after it rebounded from the COVID-19 recession of 2020, according to wire reports. The Fed’s intention was to cool off a red-hot labor market and slow wage growth, which can fuel inflation.
Many economists had expected the rapid rate hikes would trigger a recession, but that’s been avoided so far thanks to strong consumer demand and sturdier-than-expected labor market.
But recent government data suggest that some cracks are beginning to show, according to wire reports.
Applications for jobless benefits are trending higher in June after mostly staying below 220,000 this year. The unemployment rate ticked up to 4% in May, despite the fact that America’s employers added a strong 272,000 jobs last month. Job postings for April hit their lowest level since 2021.
Thursday’s report from the Labor department showed that the four-week average of claims, which softens some of the week-to-week volatility, rose by 3,000 to 236,000.
