Essential Estrogen

Iowa’s seasonally adjusted unemployment rate peaked for the year at 3.9 percent in July, as hiring cooled considerably. The July jobless rate was up from 3.8 percent in June, and up from 3.7 percent a year ago.

“There are some indications that the job market may be easing up slightly, but the fundamentals still remain quite solid,” Elisabeth Buck, Iowa Workforce Development director, said in a prepared statement. “The latest economic news is consistent with earlier reports that job growth will be slower through the rest of the year.”

Nationally the unemployment rate rose to 4.6 percent in July, up from 4.5 percent in June. There were 92,000 jobs added to the U.S. economy, which is less than the 135,000 jobs that economists had predicted. The increased national unemployment rate, according to the U.S. Department of Labor, is a result of a decline in construction, manufacturing and retail jobs. Construction jobs fell by 12,000 in July, retail jobs by 1,000 and manufacturing jobs by 2,000.

July’s jobless rate in Iowa was the highest since March 2006, when it was also 3.9 percent. The latest figure is the highest rate since January 2006, when unemployment was reported at 4 percent.

The total number of working Iowans decreased by 2,600 to 1,596,400 in July. Total employment for the state stood at 1,604,800 in July 2006.

Seasonally Adjusted Nonfarm Employment

Nonfarm employment in Iowa dropped to 1,521,400 in July -- 1,900 fewer than the all-time record of 1,523,300 posted for June. Large job cuts of 2,100 in trade and transportation, 1,500 in government and 700 in professional and business services were largely responsible for the subdued employment picture. Partially offsetting the general downward trend this month was a gain of 1,900 jobs in education and health services, along with smaller increases in several other industries.

Compared with July 2006, nonfarm employment is 19,600 higher, led by gains of 5,500 in education and health services. Other sectors that added substantial numbers of workers over the year were leisure and hospitality, professional and business services, trade and transportation, construction and finance.

Data for August will be released in late September.