Hancock's unemployment rate rises to healthy level

Hancock County's unemployment rate was 3.4% for May 2024. That's up from 2.9% in April 2024 as well as 2.9% in May 2023.

A reasonable unemployment rate is somewhere between 3% and 5%, according to Forbes. When unemployment is low, workers are usually paid more and will spend more, which is good for the economy. However, the additional money in circulation can help cause inflation, which if unchecked can be harmful.

The county's increase follows similar trends statewide and nationally. For May 2024, Indiana's unemployment rate rose to 3.9% and the United States' to 3.7%.

Hancock County's May 2024 unemployment rate ranked 70th out of Indiana's 92 counties. In the central Indiana region, Madison County had the highest unemployment rate at 4% (33rd statewide) and Hamilton County had the lowest at 3.2% (88th statewide).

Read the May 2024 Labor Market Review from the Indiana Department of Workforce Development in its entirety here.