Iowa jobless rate inches lower

Iowa's unemployment rate inched lower in October as the state's labor force hit a record high.

The state's seasonally adjusted jobless rate dropped to 4.5 percent in October from 4.6 percent in September, according to Iowa Workforce Development. The number of unemployed Iowans decreased to 76,800 in October from 77,700 in September.

The current estimate is 2,700 higher than the year-ago level of 74,100.

The total number of working Iowans reached a current-year peak of 1,634,800 in October, which is 5,100 higher than September and 34,800 higher than a year ago.

Teresa Wahlert, director of Iowa Workforce Development, said the state's job market continues to steadily pick up pace.

'The state's labor force is currently at an all-time high of 1,711,600,' Wahlert said.

Iowa nonfarm employment shed 200 jobs in October, lowering the total number of jobs to 1,556,900. October's drop was the first since March, and only the third decline in 2014.

The larger job losses in October occurred in leisure and hospitality and in government, where weaker-than-expected seasonal hiring was reflected in local and state government.

Trade and transportation added the most jobs last month (2,700) led by hiring in retail (1,800) and wholesale trade (800). The education and health services sectors also experienced large gains in October (2,600).

Construction continued to gain employment (1,600), and has added 6,700 jobs since March.