Iowa's unemployment rate is low. Real low. Iowa Workforce Development's latest report says the state's unemployment is just 2.8 percent, as of the end of December. That's the lowest level since October of 2000, according to The Gazette. Great news, for both businesses and those seeking jobs, believe it or not.

CBS 2 says the unemployment rate of 2.8% is down .1% from November and 1.3% lower than the unemployment rate (4.1%) nationwide. However, there's something else at play here. In the last year, nearly 9,000 people have left the state's workforce. Fewer people looking for work obviously lowers the unemployment rate. Dave Swenson, an economist at Iowa State University, believes that will be a concern moving forward.

Labor contraction is going to be an issue. It's going to constrain the state's ability to grow and the only way for us to deal with it... we have to promote in-migration.

Career Trend says low unemployment rates actually make it easier to find jobs. Why? Businesses view low unemployment as a strong indication that the economy is healthy and demand for their products will be high, at least for now. That often spurs more hiring and since fewer people are job hunting there's a better opportunity to land a job. Even more, they may offer more money for the positions to encourage applicants.

So if you assumed low unemployment was bad news for businesses and job seekers, you assumed wrong.

[The GazetteCBS 2, and Career Trend]