Hancock's unemployment rate remains healthy

Hancock County’s unemployment rate was 4.1% in July 2024, up from 3.7% in June and 3% in July 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 July 2024, Indiana's unemployment rate rose to 5% and the United States' to 4.5%.

Hancock County's July 2024 unemployment rate ranked 74th out of Indiana's 92 counties. In the central Indiana region, Madison County had the highest unemployment rate at 5.1% (27th statewide) and Hamilton County had the lowest at 3.8% (86th statewide).

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