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News
Iowa
Unemployment Rate Climbs to 5.8 Percent
Posted 22 June 2009
Iowa’s seasonally adjusted unemployment rate jumped to 5.8 percent in
May from 5.1 percent in April, confirming the labor market’s current
weakness. The state’s jobless rate stood at 4.0 percent for the same
month one year ago. The U.S. unemployment rate reached 9.4 percent in
May, up from 8.9 percent in April, and 5.5 percent in May 2008.
“A surge in new labor force entrants combined with a drop in employment
pushed the state’s unemployment rate to a 22-year high in May,” said
Elisabeth Buck, director of Iowa Workforce Development. “While
unemployment may continue to rise for some time, job losses are
expected to progressively lessen in the months ahead.”
The total number of working Iowans dropped to 1,583,100 in May from
1,589,900 in April. Total employment was 25,400 higher in May 2008 at
1,608,500.
The estimate of unemployed persons increased to 96,900 in May from
84,900 in April. This is the highest level of unemployment experienced
in the state since July 1986, when the number was reported at 97,700.
Unemployment is currently 29,300 higher than the year ago figure of
67,600.
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