Both the state and national unemployment rates steadily rose over the last year, according to new preliminary data. Indiana unemployment rate for the month of February stood at 4.3 percent.

The state’s unemployment rate last December was recorded at 4.5 percent, according to preliminary estimates from the Indiana Department of Workforce Development. Some of these preliminary estimates are seasonally adjusted months — or sometimes years — after initial release.

In October 2023, Indiana’s unemployment rate stood at 3.6 percent. Over the past year it grew to the current rate of 4.4 percent.

Indiana’s unemployment rate has increased more than 1 percent over the last five months. There was also an increase in the number of unemployment insurance claims filed for the third month in a row.

Indiana’s unemployment rate worsened slightly in July — a trend that has continued over the last four months. New preliminary data shows a significant increase in the unemployment rate from this time last year.

Indianas unemployment rate ticked up a tenth of a percentage point last month, to 3.7 percent the highest the rate has been in more than two years.

Indiana's unemployment rate reached its highest point in almost two years at three point four percent in August. The rate is a minor increase from the month prior, according to new federal estimates. It is a small but more significant bump compared to August 2022's unemployment rate.

Indiana's labor market strength was unchallenged in the first two months of 2023. February's unemployment rate was 3.1 percent in preliminary Federal data released Tuesday, marking a third consecutive month at that almost-historic low.

The key economic tension to watch out for in 2023 will likely be the balance between employment levels and the cost of living, experts say.

More than 500 people are already scheduled to lose jobs to layoffs and site closures in the first half of next year as experts predict a recession. That can be a pretty scary outlook, but new preliminary labor market estimates tell a more complicated story.