Indiana’s private sector saw its biggest job decline in more than three years last month. But an IU economist says it’s not time for concern.
The Hoosier private sector lost nearly 10,000 jobs in November while the unemployment rate held steady at eight percent. The biggest contributor was the construction sector – more than two-thirds of the jobs lost came from construction. And Indiana University economist Timothy Slaper says the fiscal cliff likely played a role.
“It may also be the case that businesses were a little concerned about the uncertainty, if you will, in Washington and were holding back on their hiring,” he says.
Still, Slaper points out the state saw strong growth in the manufacturing and hospitality sectors And he says the state as a whole has outpaced the national economy in job growth and predicts continued modest growth for the state and country ahead.