Iowa jobless rate falls in August

Iowa's unemployment rate ticked down to 3.7 percent in August from 3.8 percent in July, giving the state the sixth lowest jobless rate in the nation, tied with South Dakota and Utah.

The number of unemployed Iowans decreased to 62,400 in August from 63,900 in July. The current estimate is 11,700 lower than the year ago level of 74,100.

The total number of working Iowans increased to 1,637,700 in August. That's 1,200 higher than in July, and 2,600 higher than a year ago.

'Following a slight uptick in July, Iowa's unemployment rate returned to 3.7 percent in August,” said Beth Townsend, director of Iowa Workforce Development, in a news release. 'Total nonfarm employment was down slightly this month, but the total number of unemployed Iowans decreased to its lowest level since February 2008.”

Total nonfarm employment declined by 800 jobs in August, to 1,575,900 positions. The government sector shed 1,800 jobs, primarily due to summer programs ending and education employment dipping to its summer low point.

Construction led all private sectors in term of adding jobs with 2,100 positions created. It marked the third consecutive monthly increase for the sector.

Finance, which has added jobs in four consecutive months, increased by 1,000 positions in August. Manufacturing pared 600 jobs after three months of gains, primarily due to layoffs at durable goods factories.

Earlier this month, Ernie Goss, director of Creighton University's Forecasting Group, said businesses tied to agriculture and energy continue to report pullbacks in economic activity.

'Growth for nondurable goods manufacturers offset weaker business conditions for durable goods producers, including metal manufacturers, agricultural equipment producers and energy equipment manufacturers,” Goss said.

Deere & Co. has more than 1,500 manufacturing employees on layoff in Eastern Iowa as sales of combines, tractors and other farm equipment have slowed due to sharply lower prices for corn and soybeans.