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Cedar Rapids, Iowa 52401
Iowa jobless rate falls for May
Total employment recorded at 1.6 million jobs
Iowa’s seasonally adjusted jobless rate fell in May for its fifth consecutive month, to 2.7 percent.
That’s down from 3.0 percent in April and from 4.5 percent one year ago, Iowa Workforce Development said in a news release Thursday.
The state’s labor force participation rate climbed to 67.6 percent in May, up from 67.4 percent in April and 67.1 percent a year ago, the agency said in a news release.
The national unemployment rate for May stood at 3.6 percent.
Total number of working Iowans increased to 1,657,200 in May. That is 10,400 higher than April and 52,300 higher than 12 months ago.
The number of unemployed Iowans decreased to 46,800 in May, from 50,900 in April.
Some highlights from the agency’s monthly report:
- Iowa’s total nonfarm employment was up 34,900 for the year, though the category dropped 500 jobs between April and May
- Total employment now stands at 1,565,000 jobs.
- Goods-producing sectors declined by 1,100 with job gains in manufacturing being overmatched by specialty trade losses in the construction sector.
- Private service industries were remained the same as in April.
- Government advanced by 600 jobs due mostly to growth within education. This sector now is up 4,400 jobs compared to last year, with most of the growth being in local government.
- Financial activities added the most jobs in May — up 1,300. Most of that increase came from insurance carriers and related activities. This was the first increase for financial activities since January.
- Manufacturing added 1,000 jobs due to hiring in nondurable goods sectors.
- This is now the sixth consecutive gain for manufacturing stretching back to November 2021.
- Leisure and hospitality increased slightly, by 100.
- Job losses in May were highest in construction, dropping 2,100 jobs. That was the first loss for this sector after six straight months of job growth.
- Trade and transportation lost 900 jobs, with much of those decrease in retail, by 800.
- Other sectors losing jobs in May included education and health care — by 500 — and professional and business services — by 400.
A bartender puts the finishing touches on a margarita in March at Mas Margaritas restaurant in Cedar Rapids. (Geoff Stellfox/The Gazette)
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