North Dakota Unemployment Rate
In order to answer the question, “What is the unemployment rate in North Dakota?” it is important to understand what the jobless rate is first and how it is measured. For starters, the unemployment rate is a way to calculate the number of unemployed individuals within the work force. When calculating the jobless rate, the Bureau of Labor Statistics does not consider every resident as part of the state labor force. Workers must be at least 16 years of age with an income or unemployed and looking for new prospects. Officials compute the unemployment rate by dividing the number of unemployed workers into the total number of workers in the labor force. This number becomes a percentage, which is monitored on a monthly basis in order to properly analyze the economic conditions for each state and the nation as a whole. While some economists claim that the jobless rate does not fully convey the complete picture of the labor force, it still provides enough information to make economic assessments as necessary. This includes changes to the state’s unemployment insurance program.
What is the unemployment rate in North Dakota?
What is the unemployment rate in North Dakota and how does it change? As of May 2017, the unemployment rate in North Dakota came in at 2.5 percent, which is 0.2 percent lower than April and 0.8 percent lower than May of 2016. These unemployment rates are promising with only 10,400 unemployed workers in North Dakota out of 420,500 total residents in the workforce. North Dakota has one of the lowest jobless rates in the nation, falling well-below the national average of 4.3 percent. North Dakota has had a flourishing economy in terms of growth over the past year, with increases in job growth coming from the mining sector. North Dakota is one of the biggest energy-producing states in the country.
Yet, despite the significant decrease in the unemployment rate in North Dakota, there are still residents who seek work. Unemployment insurance benefits are an option for those needing financial assistance. Eligibility requirements vary on a state level, so learn more about the qualification process prior to applying.