Louisville Metro unemployment drops

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• The Louisville Metro Statistical Area’s jobless rate was 9 percent in March. It was recorded at 10.2 percent in March of 2011.

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May 3, 2012

Louisville Metro unemployment drops

State has lowest jobless mark since 2008

By DANIEL SUDDEATH daniel.suddeath@newsandtribune.com The News and Tribune Thu May 03, 2012, 07:14 AM EDT

> SOUTHERN INDIANA — The news was good this week on the Louisville Metro Statistical Area employment front.

According to a U.S. Bureau of Labor Statistics study released Wednesday, the area’s unemployment rate dropped to 9 percent in March, down from 9.6 percent in February.

The labor force also increased by about 5,000 from February to March, as the number of the jobless in the area dropped by about 3,500 over that span.

From March 2011 to March of 2012, the number of unemployed dropped by about 7,000.

At the end of March, there were about 57,000 people left without a job, which was an improvement from 2011.

“Prior to the recession, however, the number of unemployed was in the 30,000 range,” said Uric Dufrene, Sanders Chair of the Indiana University Southeast School of Business.

But the monthly gains for the Louisville Metro Statistical Area — which includes Floyd, Clark and Harrison counties — in the latest report equated to almost one half of the year-over-year employment growth, Dufrene pointed out.

“Comparing the month-over-month gains to the year-over-year gains suggests that the labor market improved significantly for Louisville Metro in the month of March,” he said. “The numbers are only preliminary and subject to revision, but the initial read is very positive.”

Indiana’s unemployment rate was 8.2 percent in March, the lowest it had been recorded at since December of 2008.

“Indiana has seen steady job growth since the beginning of the year, with manufacturing leading the way, adding almost 8,000 jobs,” said Mark W. Everson, commissioner of the state’s Department of Workforce Development.

Floyd County’s jobless rate dropped from 8.4 percent in March to 8.2 percent in February. Clark County’s unemployment rate also decreased over the span from 9 to 8.7 percent.