E-mail This StoryFrom the Illinois Department of Employment Security:
The Illinois seasonally adjusted unemployment rate dropped -0.4 point to 10.8 percent in May, according to data released today by the Illinois Department of Employment Security. The over-the-month decline is the largest since October 1983. The three-month moving average decreased -0.2 point to 11.2 percent in May, its first decline since November 2006. Illinois has added 70,000 jobs so far this year.
“Five months of positive job growth coupled with two consecutive months of declines in the unemployment rate offer reasons for cautious optimism,” Director Maureen O’Donnell said. “Long-term job growth might include periods that show flat or possibly increased unemployment rates as frustrated job seekers grow more hopeful about their job prospects.”
Illinois added +16,700 in May. It was the fifth consecutive month to record job growth. Although much of the growth is attributed to Census 2010 employment, significant job growth continued in several major industry sectors. Manufacturers added +2,400 jobs, the third consecutive monthly gain of more than +2,000 jobs and the sector’s best showing since April 1995. Educational and Health Services added +1,900 new jobs, its fifth consecutive month-over-month gain. Professional and Business Services added +1,300 new jobs, its fourth gain in the last five months. This sector (+18,700) leads all sectors in job growth thus far this year. Reflecting national trends possibly tied to the volatility in the housing market, the construction sector decreased -6,500. Illinois has added more jobs than its Midwestern counterparts so far this year and its rate of job growth has outpaced the nation.
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Reply #1 on : Thu June 17, 2010, 19:22:03