Despite encouraging signs locally, the national unemployment rate hit its highest total in 26 years last month.
The U.S. jobless rate for October was 10.2 percent — the highest mark since April 1983 and up from 9.8 percent in September.
According to the U.S. Labor Department, 15.7 million Americans are unemployed. The average duration of unemployment is up to just under 27 weeks.
Uric Dufrene, Sanders chair of the Indiana University Southeast business school, has stated for several months economic recovery would be U-shaped on a graph, not a quick fix.
“We are going to see slow growth due to the restructuring of consumer balance sheets, and the overall less tolerance for debt,” Dufrene said Friday.
Less spending will continue to impact the construction, manufacturing and retail sectors the most, Dufrene said.
In October, construction had an unemployment rate of 19.1 percent. Manufacturing and retail combined to shed 101,000 jobs.
But those in secure employment positions are also cutting back on spending which continues to hurt the economy, Dufrene said.
“As long as unemployment rates remain elevated, even those in secure employment positions will also cut back and restrain spending,” Dufrene said.
The jobless rate for workers with some college or an associate degree increased from 8.5 percent to 9 percent. There was a slight decline in the unemployment rate for workers with a bachelors degree, down to 4.7 percent.
High school graduates only had an unemployment mark of 11.2 percent, and less than high school was 15.5 percent.
Dufrene points to the average weekly hours summary from the report as another indication the economy remains weak. Employees only worked an average of 33 hours in October.
“So even though one may be employed, the lack of overtime or the opportunity to work a full 40 hour week is causing additional pain on family finances,” Dufrene said.
But there was good news in the Labor Department study.
The temporary labor services sector added 34,000 positions in October.
“One of the first signs of a recovery is temporary labor services,” Dufrene said. “Employers will hire temporary labor before making a commitment to permanent workers.”
But with predictions the national unemployment rate could continue to grow, top U.S. officials remain wary after the October increase.
“It’s a stark reminder of how much work remains to be done to get people back to work, Christina Romer, head of President Barack Obama’s Council of Economic Advisers, told The Associated Press.
Indiana’s unemployment rate was 9.6 percent in September. Locally, Floyd and Clark counties recorded jobless marks of 7.4 percent and 8.2 percent in September respectively.
BY THE NUMBERS
• Unemployment Rate April 1983 — 9.8 percent
• Unemployment Rate October 2009 — 10.2 percent
• Average time unemployed — About 27 weeks
THE JOBLESS RATE
• For workers with some college or an associate degree — 9 percent
• For workers with a bachelors degree — 4.7 percent.
• For workers with high school graduates — 11.2 percent
• For workers with less than high school — 15.5 percent.
Clark County
Jobless rate highest since 1983
Average hours worked down to 33 a week
-
-
Appeals court hears Covered Bridge case
The Indiana Court of Appeals heard the respective oral arguments on the town of Sellersburg’s effort to annex the Covered Bridge Subdivision and the Willows on Wednesday. Covered Bridge appealed the trial court’s ruling that the town’s annexation preceded the subdivision’s effort to incorporate into an independent town and that, in exchange for sewer service, the residents would agree to not remonstrate against the annexation attempt.
Continued ... -
Redistricting on tap again for Jeffersonville
Though they just did so last year, it’s already time for the Jeffersonville City Council to start thinking about redistricting again.
Continued ... -
JEFF Fest set for June 9
The Jeffersonville Entire Family Fun Festival, better known as JEFF Fest, will
Continued ...
be held from 11 a.m.. to 4 p.m. June 9 in Jeffersonville’s Preservation Park, 150 W. Market St. -
Charlestown encourages Realtors and developers to help it grow
he city hosted a showcase for about 200 developers and Realtors at Charlestown High School on Tuesday. The purpose of the showcase was to pitch the city as a place that is expected to prosper, especially in light of the continued development at River Ridge Commerce Center.
Continued ... -
Jeffersonville mayor vetoes two council acts
“It’s a meaningless resolution. It carries no weight. I think it’s political posturing and I’d as soon not be a part of it,” Moore said. “I will not be brought into a political discussion that’s already been decided.”
Continued ... -
Bridges project specifics emerging
Valentine outlined that incentives will be part of Kentucky’s contract with the winning bidder.
Continued ...
He explained that once construction begins, the expected cost of construction per day will total about $80,000 and the contractor can earn incentives for finishing early and penalties for finishing late. A completion date is set for June 30, 2018. - News and Tribune briefs for May 23, 2012
- May 22, 2012
-
Gregg picks Simpson for Dems ticket
Gregg got his biggest applause from the crowd Tuesday when he played up their joint support for women’s access to health care, which has become a national talking point for Democrats.
Continued ... -
TARC OKs rate increases
Contrary to its monetary situation, the amount of people riding the public transit system has increased about 10 percent, Barker said.
Continued ...
But the transportation service had not raised its fares, aside from express routes, in four years. -
Miss Clark County 2012 entrants sought
The contest is based on interview, evening gown and professional wear competition. Any Clark County young woman between the ages of 16 to 21 is eligible to participate.
Continued ...
-
Appeals court hears Covered Bridge case
