Manufacturing drives dip in Indiana unemployment rate
Indiana's jobless rate fell slightly to 5.8 percent in August, down from 5.9 percent in July, according to the latest official data from the state's Department of Workforce Development. The private sector lost 2,600 jobs during the month, but the manufacturing industry, which is the largest in the state, added 900. In total, Indiana's manufacturing has gained 20,000 jobs over the past year and 84,000 since 2009, when it reached its lowest point during the Great Recession.
"Indiana is one of the most manufacturing intensive states in the country, and when these jobs come back, they come to Indiana," said Department spokesman Joe Frank to the Indiana Daily Student.
Department commissioner Scott Sanders pointed out that Indiana's unemployment rate, and especially the addition of 56,000 total jobs to the labor force over the last 12 months, are significantly better statistics than those of most other Midwestern states. The federal jobless rate is currently at 7.2 percent.
As the manufacturing industry recovers, unemployment numbers should improve at a faster rate. Financial website 24/7 Wall Street recently reported that the sector accounts for 30.1 percent of Indiana's gross domestic product (GDP) but only 19 percent of its jobs, and the state has been taking measures to ensure that the number of qualified workers meets manufacturers' requirements in the coming years, since there is a fear that demand for skilled workers could exceed supply.
Indiana relies on its manufacturing companies, and it is important that they continue to thrive. Manufacturing ERP software helps industry businesses streamline their operations by making it easier for them to track inventory, production and sales numbers, leading to more efficient processes and better financial results.