Photo: Jasont82 (Wikimedia)
Indiana’s unemployment rate dropped for the fifth consecutive month in April, falling to its lowest rate in more than three years.
Indiana’s private sector added more than 15,000 new jobs last month, the fourth-largest single month increase in 22 years. The state’s 7.9 percent unemployment rate marks the first time since November of 2008 that number dipped below 8 percent.
The Indiana University Kelley School of Business Leading Index, an economic forecaster, is at its highest level since the recession. IU Business Research Center director Timothy Slaper says the index has shown modest but steady growth in the last several months.
“It’s the difference between having a wild party and just having a nice party,” he says. “It definitely is not a pity party.”
Slaper says in order to rebound to pre-recession levels, the state would need to see better economic growth.
“Gas prices being a damper and the fact that the housing market continues to be a damper, I think those two things are probably the leading contributors to not having a more robust economic growth,” he says.
Still, Slaper says the state’s economic picture looks rosier than it has even in recent months.