The unemployment rate is a measurement of the amount of workers who are without jobs compared to the entire labor force, both working and non-working. The jobless rate is important to monitor on a both a state-by-state and national level. When the unemployment rate is high, this usually is an indicator of a weak economy. A high jobless rate could potentially be an indicator of a recession and perhaps give cause for the Federal Reserve to increase budget for unemployment insurance program. In order to be considered unemployed by the standards of the Bureau of Labor Statistics, an individual must not be working whatsoever, not part time, full time or temporarily. The unemployment rate is assessed from the data collected by two surveys. This data is also what contributes to knowledge of the job growth, job loss and number of workers entering and exiting the workforce each month.
The unemployment rate in Iowa has remained at 3.1 percent as of May 2017, which has held steady for the third straight month in a row. The jobless rate for Iowa is phenomenal in comparison to the national average, which hovers around 4.3 percent. It is also worth noting that the unemployment rate in Iowa over a year ago was at 3.8 percent, which means that just within a year, the rate has drastically declined. While the Iowa Workforce Development agency detailed over 5,000 jobs were added in the month of May, the number of unemployed workers increased in May as well, which is what led to the percentage standstill.
Those who find themselves unemployed in Iowa do have options in terms of unemployment insurance benefits. Every state offers unemployment benefits for only qualified individuals who find themselves without employment through no fault of their own. Eligibility requirements do vary, so it is important to know what it takes to qualify prior to applying.