market st. in midsummer
the town had unemployment rate of 5.4%, of dec 2014. situation has substantially improved since 1992, when unemployment rate peaked high 15.1% loss of industrial jobs.
duke energy s gibson generating station nearest employer of substantial size. gibson county, indiana power plant located less mile away mount carmel, directly across river. third-largest coal power plant in world, , ninth largest power plant in united states. pollution has prompted considerable debate, partially because of repeated incidents plant created blue toxic cloud after adding new emissions control systems.
additional nearby employers include toyota motor manufacturing indiana, produces sequoia, sienna, highlander, , highlander hybrid lines. many of tmmi s suppliers , subsidiaries located in , around princeton, indiana, 12 miles away. other employers include champion laboratories plant in albion, illinois produces air , fuel filters , ats (now tbil) plant in lawrenceville, supplies tmmi. local employers include several oil , gas firms, exploiting southern indiana oil basin, extends illinois, indiana, , kentucky. once had reserves of more 4,000,000,000 barrels (640,000,000 m) of crude oil.
on april 5, 2007, foundation coal holdings, inc., of linthicum heights, maryland, announced plans close wabash mine in nearby keensburg, illinois, meaning loss of 230 jobs in wabash county. mount carmel lost 270 jobs in 2003 due closing of snap-on tools factory, had operated since 1937.
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