Iowa Workforce Development
11/15/2024 | Press release | Distributed by Public on 11/15/2024 09:09
Iowa’s Unemployment Rate Increases to 3.0 Percent in October
Iowa's Unemployment Rate Increases to 3.0 Percent in October
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Friday, November 15, 2024
Iowa Workforce Development Communications
For Immediate Release
Date: November 15, 2024
Contact: Jesse Dougherty
Telephone: 515-725-5487
Email: [email protected]
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Iowa's Unemployment Rate Increases to 3.0 Percent in October
DES MOINES, IOWA - Iowa's seasonally adjusted unemployment rate increased to 3.0 percent in October amid job cuts in manufacturing and construction. Meanwhile, the state's labor force participation rate ticked down by 0.1 percentage points to 66.2 percent last month, and the U.S. unemployment rate remained at 4.1 percent in October.
"October's report provides more indications of Iowans' worry about the general state of the U.S. economy in the run up to the national election," said Beth Townsend, Executive Director of Iowa Workforce Development. "Now that we are past the election, we expect employers' prior hesitation may dissipate. We nonetheless have more than 52,000 jobs posted on iowaworks.govfor any Iowan looking for a new career. IWD can help match you with an employer who needs what you can offer."
The number of unemployed Iowans increased to 51,000 in October from 49,400 in September.
The total number of working Iowans fell to 1,633,200 in October. This figure is 1,400 lower than September and 19,300 lower than one year ago.
Seasonally Adjusted Nonfarm Employment
Iowa firms shed 3,700 jobs in October, lowering total nonfarm employment to 1,600,200. Goods-producing businesses, namely construction and manufacturing, showed the most movement since September and shed a combined 3,400 jobs. Service sectors showed significantly less movement, losing a slight 300 jobs. Government (a sector that includes federal, state, and local political subdivisions, as well as schools, universities, and public hospitals) showed little change since September but remains up 3,500 jobs from one year ago, mostly due to hiring within local governments. Private industry has added 2,600 jobs.
Construction shed 1,800 jobs in October to lead all other sectors. This is the second month in a row that this sector lost jobs. Specialty trade contractors fueled much of the loss in October. Manufacturing also shed jobs this month, paring 1,600 jobs. Durable goods factories shed slightly more than nondurable goods shops. Machinery and transportation equipment factories fueled much of these losses. Smaller drops this month include financial activities (-800), trade and transportation (-700), and professional and business services (-600). Alternatively, a few sectors added jobs this month - led by health care and social assistance (+1,100). Social assistance hiring was responsible for much of this monthly gain, although ambulatory health firms also lifted this sector in October. Leisure and hospitality added 600 jobs with hiring split between arts, entertainment, and recreational industries along with accommodations and food services.
Annually, leisure and hospitality leads all sectors with 6,100 jobs added since last October. Eating and drinking establishments have added the most jobs for this sector, although recreational industries have also added jobs over the past 12 months (+1,500). Education and health care has gained 5,900 jobs. Health care and social assistance bolstered this sector with 4,200 jobs added over the year. On the other hand, manufacturing has shed 6,100 jobs annually. Nondurable goods factories account for most of the jobs shed (-5,000), although durable goods factories have also decreased since last October (-1,100). Professional and business services are down 3,500 jobs. Administrative support and waste management firms lost the most jobs within this sector (-2,500).
| Employment and Unemployment in Iowa, Seasonally Adjusted Data | |||||
| Change from | |||||
| October | September | October | September | October | |
| 2024 | 2024 | 2023 | 2024 | 2023 | |
| Civilian labor force | 1,684,200 | 1,684,000 | 1,705,500 | 200 | -21,300 |
| Unemployment | 51,000 | 49,400 | 53,000 | 1,600 | -2,000 |
| Unemployment rate | 3.0% | 2.9% | 3.1% | 0.1 | -0.1 |
| Employment | 1,633,200 | 1,634,600 | 1,652,500 | -1,400 | -19,300 |
| Labor Force Participation Rate | 66.2% | 66.3% | 67.5% | -0.1 | -1.3 |
| U.S. unemployment rate | 4.1% | 4.1% | 3.8% | 0.0 | 0.3 |
| Nonfarm Employment in Iowa, Seasonally Adjusted Data | |||||
| Total Nonfarm Employment | 1,600,200 | 1,603,900 | 1,594,100 | -3,700 | 6,100 |
| Mining | 2,100 | 2,100 | 2,300 | 0 | -200 |
| Construction | 83,100 | 84,900 | 82,000 | -1,800 | 1,100 |
| Manufacturing | 222,200 | 223,800 | 228,300 | -1,600 | -6,100 |
| Trade, transportation and utilities | 310,600 | 311,300 | 310,800 | -700 | -200 |
| Information | 18,900 | 18,500 | 18,000 | 400 | 900 |
| Financial activities | 106,200 | 107,000 | 108,000 | -800 | -1,800 |
| Professional and business services | 143,200 | 143,800 | 146,700 | -600 | -3,500 |
| Education and health services | 241,600 | 240,600 | 235,700 | 1,000 | 5,900 |
| Leisure and hospitality | 147,700 | 147,100 | 141,600 | 600 | 6,100 |
| Other services | 56,400 | 56,500 | 56,000 | -100 | 400 |
| Government | 268,200 | 268,300 | 264,700 | -100 | 3,500 |
| Data Above Subject to Revision |
| Unemployment Insurance Claims for Iowa | |||||
| % Change from | |||||
| October | September | October | September | October | |
| 2024 | 2024 | 2023 | 2024 | 2023 | |
| Initial claims | 10,270 | 8,032 | 7,976 | 27.9% | 28.8% |
| Continued claims | |||||
| Benefit recipients | 14,743 | 12,811 | 8,270 | 15.1% | 78.3% |
| Weeks paid | 42,025 | 32,835 | 23,066 | 28.0% | 82.2% |
| Amount paid | $22,775,707 | $17,503,331 | $11,658,609 | 30.1% | 95.4% |
MEDIA ALERT: Local data for October 2024 will be posted to the IWD website on Tuesday, November 19, 2024. Statewide data for November 2024 will be released on Thursday, December 19, 2024.