Nebraska unemployment rate lowest in nation’s history
LINCOLN, Neb. (WOWT) - The employment rates for both Nebraska and Iowa continue to rise.
According to the Nebraska Department of Labor, state unemployment remained at 1.9% between April and May. Nebraska’s employment numbers set a new record high of 1,042,762, marking the 11th month in a row for record employment.
Nebraska’s unemployment of 1.9% is the lowest in the country’s history. The labor force participation rate for May is the highest in the nation at 70%.
“Nebraskans have an unmatched work ethic, which is reflected in our nation-leading labor numbers,” said Gov. Ricketts. “My administration is committed to making it easy to do business in Nebraska, and communities throughout the state have done great work to attract investment.
According to Ricketts, economic growth has led to higher state revenue. Receipts exceeded $52 million above the state’s forecast. Ricketts believes Nebraska is on track to have a cash reserve of more than $1.8 billion by the end of the 2023 fiscal year.
“We’re seeing the fruits of these efforts with impressive growth in the Good Life,” Ricketts said. “Our strong momentum will enable us to build on the historic tax relief of 2022 with even more tax cuts in 2023.”
In Iowa, unemployment dropped down to 2.7% in May from 3% in April.
According to Iowa Workforce Development, job growth continues to rise. The labor force participation rate grew to 67.6% in May, up from 67.4% in April. The number of working Iowans increased by 10,400 since April, up to 1,657,200 in May.
“The May report is outstanding and welcome news!” said Beth Townsend, Director of Iowa Workforce Development. “Every month that passes brings us closer to Iowa’s pre-pandemic employment level. But our real goal is higher. We want to continue to accelerate the recovery and get as many of Iowa’s 85,000 open jobs filled as quickly as we can.”
The U.S. May unemployment rate is 3.6%.
Copyright 2022 WOWT. All rights reserved.