Montgomery County jobless rate hits historic low

 Montgomery County’s unemployment numbers maintained its lowest level since 2005 in November for the second consecutive month, according to figures released by Iowa Workforce Development.

After recording a 4.3 percent jobless rate in October, Montgomery County maintained the same rate in November, which was slightly lower than the state’s overall mark of 4.4 percent. Montgomery County’s rate was more than five percent for the summer, at 5.2 in June and 5.3 in July and August. 

This time last year, unemployment was at 5.2 percent in Montgomery County, nearly a full percentage point higher. The rate was 5.3 percent in October and was also higher each of the preceding months. 

The last time the unemployment rate was this low was in December 2005, at 4 percent, up from 3.7 percent in October. The rate increased to 4.6 percent the next month.  

During the recent recession, Red Oak’s unemployment figures peaked at 9.9 percent in March, 2009.  

Statewide, the 4.4 percent jobless rate is the lowest since 2008 and down a half-point from 4.9 in 2012.

“The Iowa job market appears to be on a path of steady and sustainable improvement,” said Teresa Wahlert, director of Workforce Development.  “Combined job gains for October and November totaled 5,000, and the state’s unemployment rate is currently at its lowest point in five years.” 

The statewide estimate of unemployed persons dropped to a current-year low of 72,500 in November from 75,700 in October.  The number of unemployed stood at 79,600 in November 2012.          

 The total number of working Iowans continued on an upward course in November, climbing to 1,593,200 from 1,583,600 in October.  The current figure is 44,900 higher than the November 2012 level of 1,548,300.  

The U.S. jobless rate also dropped to a five-year low of 7 percent in November from 7.3 percent in October.