CEDAR RAPIDS, Iowa (KCRG) – Iowa’s job market is starting to see the impacts of layoffs and an aging workforce.
The state’s unemployment rate held steady in July at 2.8% well below the national average of 4.3%.
Iowa’s economy lost 1,500 jobs in July as a Tyson Foods plant in Perry closed and layoffs at Deere started to take effect. But the state also saw employment drop even more, losing 21,000 workers over the last year. Iowa Workforce Development says it’s mostly due to older workers retiring.
Joshua Rosenbloom, Chair of the economics Department at Iowa State University, says layoffs may be speeding up some of those retirements.
With fewer workers, companies looking to expand in Iowa might think twice, wondering if they’ll find enough people to hire. Rosenbloom says the job market is difficult to evaluate quickly since unemployment numbers can fluctuate a lot over time. Seasonal hiring changes …