Recovery in manufacturing—one of Indiana’s best-paying employment sectors—has been a much celebrated change after years of decline. But many of those jobs are returning with lower wages as employers keep up with growing global competition.
The number of people applying for unemployment benefits jumped last week to the highest level in three months, another sign that the job market remains depressed.
As the national economy sputters, the Indianapolis area is losing jobs faster than its peers, falling to levels not seen since 2002.
The economy generated only 36,000 net new jobs in January, the fewest in four months, but the unemployment rate fell because many of those out of work gave up on their job searches.
American companies have created 1.4 million jobs overseas this year, compared with less than 1 million in the U.S.
Fewer people applied for unemployment benefits last week, the second drop in a row and a hopeful sign the job market could be improving.
California-based life sciences firm Beckman Coulter Inc. is planning its third local expansion since 2007, investing $18.2 million in its Indianapolis operation and adding as many as 95 jobs here in the next three years.
However, about 10.1 million people were receiving unemployment checks in the week ended Aug. 7, the latest data available.
That’s up about 260,000 from the previous week.
Initial claims for unemployment benefits have now risen in three of the last four weeks and are close to their high point
for the year of 490,000, reached in late January.
The disappointing jobs data magnifies worries that slowing growth could end up leading the country back into recession during
the second half of the year.
Initial requests for jobless benefits rose last week to their highest level since April, a sign that hiring remains weak and
some companies are still cutting workers.
The sharp increase comes after claims fell steeply two weeks ago to their lowest level since August 2008. But much of that
drop was driven by temporary seasonal factors and not an improving job market.
June figure hits 10.1 percent, up a tick from April and May, marking the third straight month Indiana’s unemployment rate
has been in double digits.
The bleeding seems to have stopped where job loss is concerned, but it’s not time to pat ourselves on the back.
Claims have fluctuated wildly in the past several weeks and have not dropped below January levels. Elevated unemployment claims,
along with last month’s weak jobs report and a struggling housing market, have economists worried the recovery is slowing.
Virtually all the job creation in May came from the hiring of 411,000 census workers. Job creation by private companies grew
at the slowest pace since the start of the year.
A couple of Hoosier entrepreneurs think they can take their career information web site national.
SynCare LLC’s expansion hinges on city approval of property tax abatement. The Metropolitan Development Commission is set
to vote on the request Wednesday.
Indiana unemployment figure hits double digits in April for the first time since September, showing how volatile the job market
remains.
Applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week, the Labor Department
said Thursday. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.
