The purpose of the unemployment rate on a state-by-state or even country-wide level is to measure the amount of unemployed workers in comparison to the entire workforce as a whole. The jobless rate is a critical component of measuring the state of the economy on a collective level. The Bureau of Labor Statistics uses the data acquired by two surveys to not only calculate the unemployment rate for each state every month, but also to determine the job growth, job loss, which sector contributed to what and how many individuals left the labor force altogether and may need unemployment insurance benefits. Understanding the jobless rate is not just important for economists and government officials, but also for those who own businesses or who are looking for employment within their state.
As of May 2017, the answer to “What is the unemployment rate in Indiana?” is 3.2 percent, a declining percentage compared to past years. This is a huge success for the unemployment rate in Indiana, especially in comparison with the national average of 4.3 percent. This decline in the unemployment rate in Indiana comes at the heels of an April rate of 3.6 percent. The contributing factors that led to the decline in the jobless rate in Indiana is due to the overall decrease in the labor force by over 2,000 workers last month as well as an increase of almost 9,000 unemployed workers who found employment. Reasons that individuals leave the labor force vary, from staying at home to take care of family members or pursuing a secondary education instead of working.
Another high point for Indiana includes the fact that the commissioner of the Indiana Department of Workforce Development stated that unemployment claims have declined as well. For those qualified individuals needing assisting in between employment, unemployment insurance benefits are available. Eligibility requirements do vary state-by-state, so one must meet all of the eligibility requirements outlined in order to be considered for unemployment benefits.