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State unemployment rate climbs back to 10 percent

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The Indiana Department of Workforce Development said Friday that the state's jobless rate is in double digits again after inching up one-tenth of a percentage point in April and hitting 10 percent.

The state's revised seasonally-adjusted unemployment rate had teetered between 9.7 percent and 9.9 percent the previous six months, after topping 10 percent from March through September of last year.

Yet, the number of jobs in Indiana rose by 22,700 in April, marking the largest month-to-month increase since February 1999, the state said.

“Indiana has added 41,800 jobs over the last four months, essentially recouping the jobs lost over the past year,” DWD Commissioner Teresa Voors said in a prepared statement. “Indiana has two percent of the country’s population and seven percent of the job growth.”

Despite hitting 10 percent in unemployment, Indiana still has the lowest jobless rate among its neighboring states and was the only one of the five to report a year-to-year unemployment decline. Indiana’s unemployment rate in April 2009 was 10.5 percent.

Michigan’s 14-percent unemployment rate was tops in the Midwest in April, followed by Illinois at 11.2 percent, Ohio at 10.9 percent and Kentucky at 10.6 percent.

The national unemployment rate is 9.9 percent.

The Indiana Department of Workforce Development said there were more people working in several employment sectors statewide in March, including leisure and hospitality, professional and business services, and manufacturing. Sectors reporting job declines included private education and health services, construction and financial activities.
 
The number of unemployed Hoosiers declined, to 308,,668, in April from a revised 331,273 in March.

In the Indianapolis metro area, the non-seasonally adjusted jobless rate was 9 percent in April, up from 8.3 percent in April 2009.

Comparisons of metro areas are most accurately made using the same months in prior years, because the government does not adjust the figures for factory furloughs and other seasonal fluctuations.

Nearly 78,000 people are unemployed in the metro area, according to the latest figure.

The U.S. Labor Department said Thursday that the number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The surge is evidence of how volatile the job market remains, even as the economy grows.

Applications for unemployment benefits rose to 471,000 nationally last week, up by 25,000 from the previous week, the Labor Department said. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.
 

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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