Latest Federal, State Data Shows Steady Unemployment Declines Over Past Year
According to the latest data from the US Bureau of Labor Statistics as well as preliminary Illinois Department of Employment Security data, May saw continued declines in unemployment rates across all metropolitan areas of Illinois, with each of the state’s 102 counties reporting declines in unemployment. The Chicago Tribune reports that May was the 15th month in a row of unemployment declines for the state’s cities. Bloomington, IL saw the lowest May jobless rate, 4.2%. The state as a whole saw unemployment fall to 5.6% from 6.9% in May 2014. Most of the state’s job growth was concentrated in the retail, education, health services, warehouse, transportation, and public utilities sectors. Meanwhile, Chicago saw its jobless rate fall to 6% in May, down from 7% in May 2014. The metro area had 3.63 million non-agricultural jobs in May compared with 3.59 million non-farming jobs in May 2014, a 1.2% increase.
What This Means For Small Businesses
Small business owners across the Chicago area can see positive indicators of continued economic growth in the latest jobs data. However, the data also indicate the economy’s growth, while steady, is not rapid, and regaining ground lost during the recession may continue to be a challenge, as job growth is uneven depending on the sector. As Illinois Department of Employment Security Director Jeff Mays said, “Three metro areas in the northeast region of the state have reached prerecession employment levels, eleven metro areas continue to fall short. The need for a full statewide recovery remains.”
Additional Reading
The AP notes specific unemployment rates for May in each Illinois metro area. Previously the AP noted statewide job growth for May.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
