IL Unemployment Rate Plunges To Multi-Decade Low

Date: November 07, 2019

Overall, Illinois added over 4,800 new jobs in September, reversing the downward spiral in which the state lost 5,800 jobs in August.

Illinois’ unemployment rate plunged to the lowest it has been in decades last month, down to 3.9 percent. The state’s unemployment rate remains higher than the national average of 3.5 percent.

Overall, Illinois added over 4,800 new jobs in September, reversing the downward spiral in which the state lost 5,800 jobs in August. The majority of new jobs were in the trades, transportation, and utility sector, while approximately 1,000 manufacturing jobs were eliminated.

Although the state’s labor force has expanded by 42,800 workers over the last twelve months, the growth is anomalous when compared to the previous decade. Illinois’ economy is shrinking, and by-and-large workers have been leaving the state.

The majority of professions doing well are white-collar jobs. Since the Great Recession, Illinois businesses have added almost six white-collar jobs for every blue-collar job.

Despite the good news, about six out of every ten Illinois residents are considering moving out of the state according to a recent survey. When asked to clarify why they want to leave, the top three responses were that they wanted to move to a place with lower taxes, they were unhappy with state government policies, and they want to live in a state with better weather conditions.  

Related Content: Small Business News | Economy | Illinois

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