Montgomery County jobless rate lowest since October 2007

 During March, Montgomery County recorded its lowest unemployment in nearly eight years. 

At 3.8 percent, the jobless rate is the lowest since October 2007, when it was 3.7 percent. According to figures released last week by the Iowa Workforce Development, only 200 of the county’s 5,240 labor force were unemployed in March. 

The 3.8 percent unemployment rate was down from 4.1 percent in February and 4.3 percent in January. 

At 5,040 people employed, that figure represents the largest number of people with jobs since December 2008, at 5,100. At that time, the workforce was 5,400, resulting in a 5.5 percent unemployment rate. 

The 3.8 percent jobless rate also represents a significant decrease in unemployment from a year ago, when the figure was 5.1 percent. 

Montgomery County’s decreasing unemployment rate mirrors a statewide trend, as Iowa’s rate dropped from 4.1 percent in February to 4.0 percent in March. 

State officials had a simple explanation for the decrease: more jobs. 

“Nonfarm employment increased for the sixth-consecutive month in March, adding 3,300 jobs,” said Beth Townsend, director of Iowa Workforce Development. “While the state’s nonfarm employment expanded to an all-time high, the unemployment rate dropped to 4.0 percent, making it the lowest rate since May 2008.”

Most of those new jobs (2,300) were added in education and health services. 

Nationwide, the unemployment rate remained unchanged at 5.5 percent.