Illinois Lost Jobs For First Time In 2016
Illinois lost 2500 jobs in May as the labor force dropped for the first time in 2016.
According to ReebotIllinois.com after months of growth in the state more than 9,000 people stopped looking for work in May. Which means that while the unemployment rate dropped from 6.6% to 6.4% between April and May the number of workers fell for the first time this year and Illinois is still down 110,000 workers from its pre-recession high in November 2007.
While there was encouragement in seeing the job force grow the first quarter of 2016 anyone paying attention to what is going on in Springfield was surely waiting for the other shoe to drop. The stagnation in the capital has bled over to the state's job growth with the state down more than 2,000 manufacturing jobs this year alone. With the absence of a budget and the state's credit rating being downgraded again the economic arrow will be tough to turn around.
Some more important information from the May jobs report include.
- 2,500 lost jobs net in May
- Unemployment decreased by 12,500 people in May, with 9,100 of that decrease attributable to workforce dropout
- The labor force decreased by 9,100 people
- Industries with the biggest gains include Financial activities and Professional Services
- Industries with the biggest losses include Educational Services, Goverment, and Manufacturing