News State Unemployment Rate Drops Posted 22 October 2008 Iowa’s seasonally adjusted unemployment rate eased to 4.2% in September from a revised August rate of 4.5%. By September, most of the workers affected by the June floods had returned to work. The September jobless rate compares with a year ago rate of 3.8%, and remains substantially below the current U.S. rate of 6.1%. “Iowa continues to be better positioned than many states to withstand the current housing slowdown and the volatility in the financial markets,” said Elisabeth Buck, director of Iowa Workforce Development. “Unemployment is still relatively low, and nonfarm employment is holding steady.” Total employment reflected a slight resurgence in September, as the level increased to 1,614,200 from the prior month’s 1,605,700. The total number of working Iowans was reported at 1,600,100 for the same month one year ago. The number of persons estimated as unemployed in September dropped to 71,100 from 76,400 in August. One year ago, the level of unemployed was reported at 63,300. Seasonally Adjusted Nonfarm Employment Total nonfarm employment decreased to 1,525,900 in September, falling 400 short of the record achieved in August. All of the job losses reported for September occurred in the service-providing sector. This month’s decline of 400 represents the first time that nonfarm jobs dropped in September since 2004. Education and health services dropped the most jobs in September at 700, with all of the losses concentrated in education. Financial activities decreased by 400, reflecting some of the stress that is being felt in the financial markets nationwide. Government added 300 jobs in September, as local government’s seasonal staffing outpaced declines in state government. Gains of 200 each were noted in leisure and hospitality and in trade and transportation. Compared to last year, Iowa has added 6,200 jobs. Although positive, over-the-year gains are steadily shrinking. The largest declines have occurred in manufacturing, where 2,400 jobs have been pared due primarily to the housing slowdown and rising energy costs. Professional and business services and information were down 800 and 500 respectively. Education and health services added the most jobs at 3,100, followed by government at 2,700 and leisure and hospitality at 2,400.

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