Each report uses the previous month’s preliminary employment data from the federal Bureau of Labor Statistics, such as the unemployment and labor force participation rates. And even though much of the data in the reports are estimates, they’re often the best available numbers.
(Abigail Ruhman/IPB News)
Each month, the Indiana Department of Workforce Development releases a report with the latest state and local labor market data. Most of the data used are estimates and are adjusted months — sometimes years — after they’re released.
Each report uses the previous month’s preliminary employment data from the federal Bureau of Labor Statistics — like the unemployment and labor force participation rates. And even though much of the data in the reports are estimates, they’re often the best available numbers.
The unemployment rate is the percentage of people who are without a job, but are actively looking for work. The unemployment rate is based on a monthly surveyconducted by the U.S. Census Bureau.
The labor force participation rate includes Hoosiers 16 and older who are either working or actively looking for work.
Rachel Blakeman is the director of the Purdue University Fort Wayne Community Research Institute. She said the reports can be helpful for employers who are hiring to see how many people are looking for work.
"For employers, it can be very helpful to understand," Blakeman said. "Over time, are we seeing more people unemployed, fewer people unemployed?"
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Blakeman said the purpose of the report is to also give the most recent information about Indiana’s labor market.
“It's important for us to see an opportunity to see what's kind of happening in our economy," Blakeman said.
She said more people working is a sign of a stronger economy while fewer people working typically means there's an economic pullback.
Something to note about the report is it is not a measure of the current labor market and the numbers are adjusted over time.
Blakeman said the employment numbers are "lagging indicators," meaning they show what has happened in the labor market, and not what is going to happen.
"They’re looking at surveys, they’re looking at unemployment claim data and putting together a picture. Is it precise? Absolutely not," Blakeman said. "Is it better than nothing? Absolutely."
Timoria is our labor and employment reporter. Contact her at tcunningham@wfyi.org.
