This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ind. Jobless Rate Jumps As Jobseekers Return

By TOM LoBIANCO

INDIANAPOLIS (AP) â¿¿ Indiana's unemployment rate crept up in January even as more residents re-entered the workforce, according to federal figures released Monday.

The Bureau of Labor Statistics' monthly report shows unemployment rose to 8.6 percent in January from 8.3 percent the month before. The state added 8,200 private sector jobs and saw its workforce increase by 14,000 as 10,000 residents returned to the job search.

BLS economist Thomas Krolik said states often see a temporary uptick in the unemployment rate after recessions as confidence in the job market improves and people renew their job searches. The unemployment rate counts residents who are actively seeking work and does not include every resident who is out of work.

But state Workforce Development Commissioner Scott Sanders questioned the federal report, saying it probably overstated the state's unemployment rate. He pointed to a recent change in different BLS measures of employment that he said don't make sense.

"It's quite encouraging Indiana seems to be continuing the trend of private sector job growth into 2013," Sanders said in a statement. "However, it is very confusing when BLS has survey data from 5,000 businesses showing continued increases in employment, while the household survey continues to show employment below what businesses are reporting."

BLS calculates unemployment using a measure based on responses from households. It uses two measures to track the jobs themselves, asking 5,000 businesses in each state for their payroll information and also tracking the number of jobs filled by each household.

The number of jobs reported by businesses was usually slightly less each month than the jobs reported by Indiana households. But that flipped early in 2012.

The change could mean that before, slightly more people lived in Indiana and commuted to jobs in Illinois, Kentucky or elsewhere, but now there are more jobs in Indiana and commuters trek to them from out-of-state, Krolik said.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs