Chicago unemployment rate falls?

Posted on June 25, 2013

According to the newest labor statistics, the Chicago unemployment rate has dropped, in tandem with the Illinois unemployment rate.

The rate fell to 9.1 percent in May and Illinois businesses added 11,800 private sector jobs, according to preliminary data released today by the U.S. Bureau of Labor Statistics (BLS) and the Illinois Department of Employment Security (IDES).

“The encouraging news of private sector job growth shows Illinois businesses are warming to the idea of adding new positions. Growth in construction is particularly encouraging following a cold and wet spring,” IDES Director Jay Rowell said. “This year also illustrates the volatile nature of the unemployment rate. Up in January and February, unchanged in March, and then down again in April and May. This trend likely will continue as national and global events push consumer confidence.”

Illinois has added +227,600 private sector jobs since January 2010 when job growth returned following nearly two years of consecutive monthly declines. Leading growth sectors are Professional and Business Services (+98,800); Education and Health Services (+58,500); and Trade, Transportation and Utilities (+34,700). Government has lost the most jobs since January 2010, down -30,600.

The state rate has been lower than the national rate only six times since January 2000. This includes times of economic growth and recession.

The seasonally adjusted data nets May’s job growth at 5,600 when subtracting temporary job declines as schools go on summer break. Illinois added 54,900 private sector positions compared to last year.