Iowa jobless rate falls to 3.5 percent

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By Dan Gearino | Tuesday, March 25, 2008 11:33 PM CDT | () comments

DES MOINES — The state unemployment rate fell to 3.5 percent in February, virtually the same as the 3.6 percent the month before, according to figures from Iowa Workforce Development.

This is the second consecutive month of a 0.1 percent drop, a trend that indicates stability in the job market at a time of anxiety about the economy.

“While Iowa’s economy remains on solid footing compared to the nation, the housing slowdown continues to have a negative effect on the state’s construction industry,” said Elisabeth Buck, director of the agency.

The number of unemployed Iowans was 58,600, down 2,100 from January. Nonfarm employment was 1,611,000, down 200 from January.

Mike Ralston, president of the Iowa Association of Business and Industry, said the employment numbers confirm what he has heard from the employers in his organization.

“There are jobs out there for Iowans,” he said.

The fastest-growing job sector was education and health services, up 500 jobs. Manufacturing and finance each gained 300 jobs.

The greatest drop was in construction, which lost

900 jobs. Retail trade was down 500 jobs.

— Dan Gearino