Another encouraging sign that unemployment may have bottomed in the region came in the form of a metro jobless report released Wednesday.
Louisville metro — which includes the Southern Indiana counties of Clark, Floyd, Harrison and Washington — saw its unemployment rate fall from 10.6 percent in June to 10.2 percent in July according to a U.S. Labor Department survey.
That means about 3,000 fewer people were jobless in July, though the labor force shrank by about 8,000 spots. Year over year employment losses have declined for two consecutive months after peaking in May.
Uric Dufrene, Sanders chair of the Indiana University Southeast business department, predicted earlier this year the jobless plunge would bottom out in the third quarter.
But the U.S. Labor study does show some discouraging signs.
“The decline of a labor force by 8,000 was somewhat above the average percentage change since 1990, suggesting that some workers are no longer seeking employment and leaving the labor force altogether,” Dufrene said.
Statewide, Indiana and Kentucky are driven by manufacturing positions. Dufrene credits a surge in the sector for the improved situation in Louisville metro.
“The continued slowdown in employment losses was fueled by a noticeable slowing in manufacturing losses,” he said.
“Nationally, we are seeing a turnaround in manufacturing, and [Tuesday] the Institute of Supply Management Index indicated that manufacturing is now expanding nationally, the first time since January 2008.”
According to the Labor Department, the amount of productivity per hour of work grew at a yearly mark of 6.6 percent during the second quarter, which was the biggest gain since 2003.
Ford Motor Co., Toyota Motor Corp. and Honda Motor Co. reported a rise in sales in August, credited to their fuel-effective line of vehicles.
“Locally, we can expect to see a continued deceleration in manufacturing employment losses,” Dufrene said.
But on the retail end, retail employment losses are the highest since the start of the recession.
“Retail will continue to see challenges even after the official end of the recession,” Dufrene said. “Significant swings in the personal savings rate implies that consumers have to spend less.”
Dufrene predicts the retail losses will spill over to the commercial real estate market.
Reports from the Associated Press contributed to this story
Clark County
Unemployment rate drops in metro area
Retail losses highest since beginning of recession
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Half of Jeffersonville Fire Department overtime budget already gone
During the closing moments of the meeting Councilman Matt Owen said he was shocked by Mayor Moore’s plans and comments pertaining to two Jeffersonville Parks and Recreation Department matters reported in the News and Tribune during the last week.
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Charlestown resident makes appeal for filtration plant
“I understand that manganese is a secondary contaminant and it’s not something that’s necessarily harmful to health,” Burchett said. “I would much prefer that the water that comes into my home have as little manganese in it as possible, as well as anything else. I just want water.”
Continued ... - News and Tribune briefs for Feb. 7, 2012
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Student sues to wear breast cancer bracelet
An Indiana eighth-grader sued his school district in federal court Monday for the right to wear a bracelet promoting breast cancer awareness with the message “I (heart) Boobies.”
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Elderly man robbed outside Jeffersonville bank
The man returned to his car and sat down to close the car door when Williams grabbed the door and reached inside the vehicle, Hollis said.
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A fair fee? Indiana imposing fees for 4-H participants for the first time
Allen said his hope is the fee being charged by the state and the county will be enough to cover costs and that 4-H members will not be asked to cover any more expenses.
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“They have never had to pay a program fee,” Allen said. - News and Tribune briefs for Feb. 6, 2012
- Feb 5, 2012
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CAPITOL CROSSROADS: Bauer tactics unite, divide outnumbered Dems
Democrats like Rep. Peggy Welch, who was drawn into a more Republican district last year, refused to boycott with Bauer.
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Greater Clark begins Fitness Calendar Challenge
Teresa Stengel, health services coordinator, said if other family members get involved with students, children might be more likely to continue with exercise routines and watching their diets.
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Man struck, killed on I-65
The preliminary investigation shows Jones was struck by a northbound Chevrolet Penske rental van driven by Patrick Shroering, 26, of Mount Washington, Ky.
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